It is not a new idea that there may be a "silver lining" in depression for some people; that grappling with this condition has the potential to make them stronger or more capable in some way. Over the past three decades, research has proliferated on growth associated with adversity; from life-threatening illness to natural disasters, the death of a loved one, physical abuse, and numerous other forms of trauma. However, very little empirical attention has been paid to the topic of growth resulting from the process of working through psychological distress. Rather, the extant literature tends to consider conditions like depression and anxiety as unsuccessful outcomes, or failed attempts at coping. Furthermore, evidence suggests there is considerable variability in the types of growth perceived by individuals experiencing different forms of adversity. Using interpretative phenomenological analysis (IPA), a qualitative research method, the current study elucidates the experience of growth associated with depression among six individuals from diverse backgrounds. The superordinate themes that emerged from the analysis include: depression as a catalyst for personal development (creative, spiritual, and intellectual); social support and connection; greater presence or engagement in life; a more adaptive and realized sense of self; feelings of gratitude and appreciation; and a recognition of the timing of depression. Each of these themes is examined in relation to participants' processes of meaning making in their experience of growth. The findings of the current study are broadly compatible with, yet qualitatively distinct from, previously identified models of adversarial growth. Implications for future research and clinical practice are discussed.