The purpose of this study was to develop and test a hypothetical model of predicting depression experienced by women during menopause. The subjects were menopausal women between 45 and 55 years of age, conveniently selected in two Korean cities. The instruments used in collecting data were scales for attitudes towards menopause and aging, scales for social support, scales for social conflicts, and the CES-D scale. Data were collected from 305 subjects through self-reported questionnaires. The data were analyzed using the LISREL program. The results of this study confirm that the important variables in the prediction of menopausal depression are educational and economic statuses, and perceived health status, and that the mediating variables are attitudes towards menopause and aging, social support, and social conflicts. Accordingly, the development of comprehensive intervention programs for decreasing menopausal depression should consider all of these variables.