During the past decade, theoretical approaches have emerged that call into question the presumption that self-esteem is an absolute prerequisite for healthy functioning. The present study addressed the question of whether a non-judgmental accepting stance towards experience moderates the relationship between self-esteem and depression. In a sample of 216 undergraduate students, self-esteem was assessed with the Rosenberg Self-Esteem Scale (Rosenberg, 1965), acceptance with the ‘accept without judgment’ subscale of the Kentucky Inventory of Mindfulness Skills (Baer, Smith, & Allen, 2004), and depressive symptoms with the Beck Depression Inventory (Beck & Steer, 1987). Results showed that non-judgmental acceptance moderates the relationship between self-esteem and depression. In persons with low mindful acceptance, self-esteem was much more closely associated with depression than in persons with high mindful acceptance. These findings suggest that an accepting, allowing, and non-judgmental stance towards present-moment experience might buffer the detrimental effects of low self-esteem on depression.