This study aimed to examine which values predicted depressive symptoms and hopelessness in Turkey. While it was hypothesized that values emphasizing universalism, benevolence, conformity, security, tradition, spirituality, self-direction, and achievement would predict lower levels of depressive symptoms and hopelessness, those values emphasizing power, stimulation, and hedonism would predict higher levels of depressive symptoms and hopelessness. Participants were 712 university students in Turkey. The Schwartz Values Survey Revised Turkish Version, the Beck Depression Inventory, and the Beck Hopelessness Scale were administered. Spirituality was observed as a distinct value category in Turkish culture. Higher levels of universalism predicted lower levels of depressive symptoms. While higher levels of self-direction and benevolence predicted lower levels of hopelessness, higher levels of achievement predicted higher levels of hopelessness. The findings partially fit Sagiv and Schwartz’s value theory regarding the relationship between mental health and the growth and deficiency aspects of values. The findings suggested having congruent values with the environment (i.e. achievement) were not uniformly associated with positive affective states.