This study investigated the association between depressive symptoms in relation to positive and negative consequences of alcohol use. It was hypothesized that positive and negative consequences of alcohol use would positively correlate with depressive symptoms. The sample consisted of 402 undergraduate students (76.1% female), with an average age of 21 years. Depressive symptoms were positively correlated with positive and negative consequences of alcohol use. Feelings of sadness (dysphoria), lack of interest (anhedonia), changes in appetite, sleep disturbances (insomnia/ hypersomnia), difficulty thinking/concentrating, feelings of guilt (worthlessness), excessive tiredness (fatigue), movement changes (psychomotor agitation/ retardation), and suicidal ideation, predicted negative consequences of alcohol use. Depressive symptoms predicted positive consequences of alcohol use. Suicidal ideation was found to not be a predictor of positive consequences. Positive and negative consequences of alcohol use predicted depressive symptoms, with the exception of positive consequences predicting suicidal ideation. Age resulted a negative relationship with changes in appetite and positive consequences of alcohol use. The results from this have implications for alcohol prevention and early intervention programs directed towards depressive symptoms and the consequences of alcohol use.