Despite consistent support for Hammen’s (1991, 1992) stress generation model of depression and support for the adverse effects of childhood emotional maltreatment on later functioning and vulnerability to depression, the relation between the two is unclear. Therefore, the primary aim of the current study of young adults was to examine whether changes in recent negative life events would mediate versus moderate the relation between childhood emotional maltreatment and prospective changes in depressive symptoms. We also examined whether the stress generation effect was specific to depressive symptoms. Changes in recent negative events mediated the relation between childhood emotional maltreatment and changes in depressive symptoms. Additionally, initial depressive symptoms, but not anxiety symptoms, contributed to prospective changes in negative life events.