This study used semi-parametric group-based modeling to explore unconditional and conditional trajectories of self-reported depressed mood from age 12 to 25. Drawing on data from the National Longitudinal Study of Adolescent Health (N=11,559), four distinct trajectories were identified: no depressed mood, stable low depressed mood, early high declining depressed mood, and late escalating depressed mood. Baseline risk factors associated with greater likelihood of membership in depressed mood trajectory groups compared to the no depressed mood group included being female, Black/African American, Hispanic/Latino American, or Asian American, lower SES, using alcohol, tobacco, or other drugs on a weekly basis, and delinquent behavior. Baseline protective factors associated with greater likelihood of membership in the no depressed mood group compared to the depressed mood trajectory groups included two-parent family structure, feeling connected to parents, peers, or school, and self esteem. With the exception of delinquent behavior, risk and protective factors also distinguished the likelihood of membership among several of the three depressed mood groups. The results add to basic etiologic research regarding developmental pathways of depressed mood in adolescence and young adulthood.