This study examined perceived discrimination as both a mediator and moderator between adult attachment (anxiety and avoidance) and levels of depression in a gay male sample. Survey data were collected from 234 self-identified gay males through the Internet and in person through community resources across several states. Results from structural equation modeling analyses indicated that perceived discrimination partially mediated the relationship between attachment anxiety (but not attachment avoidance) and depression. Moderation of attachment (anxiety and avoidance) by perceived discrimination on levels of depression was not supported. Additionally, about 23% of the variance in perceived discrimination was explained by attachment, and 47% of the variance in depression was accounted for by attachment and perceived discrimination. Clinical implications, limitations, and areas for future research are also discussed.