This study examines the relationship among posttraumatic stress disorder (PTSD) severity, depression severity, and subjective and objective physical health in a sample of 200 adults with PTSD. PTSD severity was correlated with subjective, but not objective, health. Similarly, depression symptoms had an indirect effect on the relationship between PTSD symptom severity and three measures of subjective physical health. Finally, depression symptoms had an indirect effect on the relationship between both reexperiencing and hyperarousal symptoms and subjective physical health. This research underscores the important role that PTSD, particularly reexperiencing and hyperarousal symptoms, and depression may have on perceptions of physical health.