OBJECTIVES: This retrospective study investigated the association between hypoglycemic events (HEs) and depression events (DEs) in patients with diabetes (Type 1 and Type 2). METHODS: Analyzed data were from health care claims for individuals with employer-sponsored primary or Medicare supplemental insurance from the Thomson Reuters MarketScan database between the years 2008 and 2009. A baseline period (January 2008 to December 2008) was used to identify eligible patients and collect baseline clinical and demographic characteristics. Eligible patients were aged ≥ 18 years with diabetes (ICD-9CM codes: 250.00, 250.01, 250.02, 250.03) who had not experienced any HEs, DEs and were not on antidepressant therapy during the baseline period. An evaluation period (January 2009 to December 2009) was used to identify HEs (ICD-9CM coded: 251.0, 251.1, 251.2, 250.8) and DEs (ICD-9 CM: 311). A multiple logistic regression model was implemented which included a binary indicator of HEs and well-known influential covariates such as age, gender, geography, comorbidity score (Charleson Comorbidity Index) and diabetes severity. We studied the relationships between the DEs and HEs before and after adjusting for the covariates.  RESULTS: Of the 923,024 patients meeting the inclusion criteria 22,735 (2.46%) patients had HEs and 6,164 (0.67%) patients had DEs during the evaluation period. Patients reporting HEs had 78% higher odds of experiencing depression than patients without HEs before adjusting for the covariates. After adjusting for the covariates data indicated that patients with HEs had similar higher odds of experiencing depression (OR=1.726, 95% CI=1.52 – 1.96). Similar analyses in different age categories showed that the odds ratio monotonically increases with age. CONCLUSIONS: Results indicate that ICD-9-CM-coded HEs were associated with an increased risk of DEs in patients with diabetes and the relative risk increased with the patients’ age.