Difficulties with emotion and its regulation are of central importance to the etiology and course of depression. The current study investigated these constructs in relation to childhood and adolescence by comparing the emotional functioning of 170 9- to 15-year-olds reporting high levels of depressive symptoms (HD) to a matched sample of 170 children and adolescents reporting low levels of depressive symptoms (LD). Compared to LD, HD participants reported significantly greater shame proneness, poorer functioning on emotion regulation competencies (emotional control, self-awareness and situational responsiveness), less healthy emotion regulation strategy use (less reappraisal and greater suppression), and lower levels of guilt proneness. Empathic concern did not differ between the two groups. The findings enhance current knowledge by providing a more comprehensive profile of the emotional difficulties experienced by children and adolescents with elevated depressive symptoms.