Objective: The aim of this study was to examine and test the possible directions of the relationships between leisure-time physical activity and depressed mood. Method: A 10-year longitudinal study with a sample of 924 adolescents was conducted, and data were collected 8 times from the age of 13 years to the age of 23 years. The data were analysed using multivariate latent curve modelling. Results: Leisure-time physical activity and depressed mood covary inversely through adolescence. However, baseline levels of leisure-time physical activity do not predict later changes in depressed mood, and baseline levels of depressed mood do not predict later changes in leisure-time physical activity. Conclusion: Changes in leisure-time physical activity and depressed mood are related, but the results do not provide support for the common assumption that a high early level of physical activity protects against later depressed mood, nor that a high early level of depressed mood acts as a barrier for later physical activity. (C) 2008 Elsevier Ltd. All rights reserved.