This study investigated the developmental trajectory and predicting factors of depression among the physically disabled in Korea. The data were provided by the 9th,10th, and 11th Korea Welfare Panel Study. The results were as follows. First, the developmental trajectory of depression followed a free growth model at a decreasing trend. Second, health condition, working capability, household, satisfaction in family relationship and housing, economic activity, and stress from family life influenced the initial status of depression, while working capability, economic activity, self-esteem, and satisfaction from leisure activities affected on the change rates. Based on these findings, policies and practical suggestions were discussed on how to deal with depression of the physically disabled.