Value of children (VOC) as individually perceived costs and benefits of children may help explain fertility behavior. Depressive cognitive styles may influence these perceptions. Based on the data of waves two, four, six, eight, and ten of the German Family Panel pairfam, this study examined the differences between adults with and without depression concerning various aspects of their VOC using pooled ordinary least squares regression analyses. The sample consisted of N = 5,525 men and women aged 18-47 years either with depression (STDS ≥ 25) or without depression (STDS < 25) who did not have children yet. All aspects of perceived costs were significantly higher in subjects with depression. Concerning benefits, persons with depression showed significantly lower values in affection, stimulation, and comfort, and there was no significant difference concerning esteem as a possible benefit. As such, depression seems to negatively influence VOC in almost all aspects except for esteem benefits. Since social esteem as a benefit of VOC in parents predicts depression in offspring, this might be a cause for the intergenerational transmission of depression. To support individuals of childbearing age with depression in therapy, more research about the influence of depressive cognitions on VOC and fertility intentions is needed.