As a result of globalization, Chinese young adults who transit to adulthood currently are being exposed to a combination of traditional Chinese values such as collectivism and Confucian philosophy, as well as Western individualism. We analyzed the trends in depression prevalence within an 8-year period using panel data derived from young adults in China. The investigation further delved into the multifaceted correlates of depression, including demographic profiles, health-related parameters, and consequential life events. Data were obtained from five cycles, 2010 to 2018, of the China Family Panel Studies (CFPS). Participants included adults aged 18 to 24 years (total analytic sample N = 15,442). Depression symptoms increased in prevalence in Chinese young adults over the eight years; therefore, depression screening should be regularly conducted in this demographic. This study highlights the issue's gravity and suggests potential correlations with cultural, regional economic development level, gender, religion, hukou (household registration), lifestyle, chronic health conditions, on-going school attendance, and marital factors.