This longitudinal study used psychological process measures derived from Acceptance and Commitment Therapy (ACT) and Cognitive Therapy (CT) models to prospectively predict depression and quality of life. Participants included 93 K-12 education employees who repeatedly completed surveys over the course of 4 months. Both the ACT and CT regression models were predictive of depressive symptoms after controlling for baseline depression. These models differed in their success at predicting life quality over time. In the CT models, only automatic thought frequency had predictive value while dysfunctional attitudes and cognitive reappraisal did not make unique contributions. In the ACT models, both psychological flexibility and present moment awareness made unique contributions while thought believability did not contribute. The role of awareness was moderated by psychological flexibility, suggesting that present moment sensitivity can either be a strength or a weakness depending upon one's level of openness to experience. Strengths and weaknesses of both the ACT and CT models are noted, as areas for future research.