Objectives: The purpose of this study was to examine the overlap in burnout and depression. Method: The sample comprised 1,386 schoolteachers (mean age = 43; mean years taught = 15; 77% women) from 18 different U.S. states. We assessed burnout, using the Shirom-Melamed Burnout Measure, and depression, using the depression module of the Patient Health Questionnaire. Results: Treated dimensionally, burnout and depressive symptoms were strongly correlated (.77; disattenuated correlation, .84). Burnout and depressive symptoms were similarly correlated with each of 3 stress-related factors, stressful life events, job adversity, and workplace support. In categorical analyses, 86% of the teachers identified as burned out met criteria for a provisional diagnosis of depression. Exploratory analyses revealed a link between burnout and anxiety. Conclusions: This study provides evidence that past research has underestimated burnout–depression overlap. The state of burnout is likely to be a form of depression. Given the magnitude of burnout–depression overlap, treatments for depression may help workers identified as "burned out." Copyright 2015 Wiley Periodicals, Inc. J. Clin. Psychol. 72:22–37, 2016.