Background: Adolescent mental health is an important global public health interest. It is important to educate adolescents about mental illnesses. However, very little attention has been paid to mental health literacy among individuals in general and adolescents in particular. Objectives: This study aimed to assess depression and depression literacy levels and their correlates among a sample of school students. Methods: A cross-sectional study was conducted using an anonymous self-report questionnaires to collect data among a convenient sample of school students were recruited from three public schools in the North of Jordan. Results: This study included a total of 225 participants. The mean age was 15.09 (SD = 1.89), and 55.6% were females. About 45% of the participants were found to be suffering from depressive symptoms and 27.6% of them had moderate to severe depression levels. The participants also were found to have very low depression literacy levels. A significant positive correlation was found between depression symptoms and depression literacy. The predictors of depression symptoms were gender, GPA, and family monthly income. While the predictors of depression literacy were fathers’ educational level, physical exercises, and family history of mental problems. Conclusions: The findings highlight the urgent need for improving knowledge about mental illness among adolescents. More research and strong support are highly recommended specifically pertain to issues that affect adolescents’ mental health. Implications to Nursing: The findings may benefit nursing domains, including practice, research, education, and administration. Several intervention implications and suggestions are discussed aimed at maintaining the psychological well-being of this vulnerable population.