We examined the frequency and course of cognitive impairment, no dementia among a group of older patients enrolled in a longitudinal study of depression. Among 230 participants, 29 with baseline dementia diagnosis were excluded from further analyses. Among the remaining 201 participants, 69 were classified with cognitive impairment, no dementia-broadly defined (34.3%) and 28 (13.9%) with cognitive impairment, no dementia-narrowly defined. At 2-year follow-up, individuals with cognitive impairment, no dementia either narrowly or broadly defined had varied outcomes including (1) improvement to normal cognition, (2) continued cognitive impairment, and (3) progression to dementia. Patients with cognitive impairment, no dementia were more likely to be assigned a later diagnosis of dementia. Our results characterize the concept of cognitive impairment, no dementia as a risk factor for dementia among older individuals with current and past depression; however, just as with the general population, the course of this condition is heterogeneous.