In this study, we take a dynamic approach to studying the connections among mothers' education, their depression, and their children's academic trajectories during elementary school. Applying latent growth curve modeling to longitudinal data from the National Institute of Child Health and Human Development's Study of Early Child Care and Youth Development (N = 1,012), we find that maternal depression does not mediate the association between mothers' education and children's achievement. Instead, maternal education moderates the association between maternal depression and children's achievement. Specifically, maternal depression only predicted lower achievement for children of women who did not pursue higher education. These results highlight the role of mothers' mental health in the intergenerational linkage between mothers' and children's educational experiences.