Whether and how social comparison exacerbates or guards against depression in adolescents is an important issue. The purpose of this study was to examine the association of academic social comparison with adolescent depression and the mediating role of basic psychological needs satisfaction. The results derived from a sample of 1348 Chinese adolescents revealed that upward contrast was positively and indirectly associated with depression in that it negatively predicted satisfaction of the needs for competence and relatedness. Moreover, downward identification was positively and indirectly associated with depression in that it negatively predicted satisfaction of the need for competence. Finally, upward identification and downward contrast were negatively associated with depression indirectly in that they positively predicted satisfaction of the needs for competence and relatedness. These findings indicate the distinct associations of four types of social comparison with adolescent depression and the mediating role of basic psychological needs satisfaction in linking them. Implications and limitations were also discussed.