The primary goal of this study was to examine the similarities and distinctions between two types of popularity, sociometric and perceived, in their associations with friendship characteristics and how they in turn are related to depressive affect and self-esteem. Among 245 eighth graders, sociometric popularity was associated with a greater number of reciprocated friendships characterized by lower rates of conflict, whereas perceived popularity was related to both more friendship support and conflict. Friendship conflict mediated the association of sociometric popularity with depressive affect for both boys and girls and with self-esteem for boys. Perceived popularity was uniquely related to decreases in depressive affect and increases in self-esteem, adding to the prediction of adolescent friendship characteristics. Results evidence the discriminant validity of sociometric and perceived popularity in their associations with friendship factors and their implications for depressive affect and self-esteem. (Contains 1 note, 2 tables, and 2 figures.)