We examined the dynamic interplay of depression symptoms, mattering (i.e., self-evaluation of importance or significance to others), and anti-mattering across four years of development in young adulthood (age 20-23; N = 452) using a cross-lagged panel model (CLPM). Support for a transactional model between anti-mattering and depression symptoms was found. Specifically, anti-mattering positively predicted later depression symptoms and depression symptoms consistently predicted later anti-mattering. Depression symptoms also shared a negative association with later mattering but not the reverse, supporting a symptoms-driven model of depression symptoms and mattering. Auto-regressive paths, residual covariances, and cross-lagged paths were invariant over time. Accounting for gender, household income, parental education, and fear of COVID-19 as covariates did not change the results. The stability of mattering and anti-mattering suggest careful consideration of how to effectively change these patterns. The implications for assessment and intervention on mattering or anti-mattering in the prevention and treatment of depression are discussed.