This study identifies the predictors of depressive symptomatology in Black, Asian and Minority Ethnic (BAME) lesbian, gay and bisexual (LGB) people in the UK. 289 White and BAME LGB individuals participated in a cross-sectional survey. BAME participants exhibited significantly more discrimination, rejection from significant others, ethnic victimisation, internalised homophobia and concealment motivation than White participants. They manifested greater internalised homophobia, less outness and greater drug use than White participants. Outness was associated with less depressive symptomatology, and internalised homophobia and victimisation with more depressive symptomatology. The structural equation model showed a significant effect of ethnicity on depressive symptomatology. This relationship was mediated by the situational stressors, the psychological schemata and coping variables. Consistent with the cognitive-behavioural model, the results indicate that exposure to situational stressors can increase the risk of developing a self-hatred and depressive psychological self-schema, maladaptive coping strategies and depressive symptomatology in BAME LGB people in the UK.