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Multiple-Partner Fertility (MPF), or having children by more than one partner, is an increasingly common context for parenthood in the U.S. Although some evidence suggests MPF is linked to lower parental well-being, this association may be explained by differential selection into MPF. This study examines whether and how MPF is associated with depressive symptoms among young adult parents. The author used five waves of data from the NLSY97 (biennial data from 2002-2010) and between-within (hybrid) models to estimate associations between MPF and depressive symptoms among young adult parents (ages 18-31). Ordinary Least Squares Regression was also used to estimate associations between transitioning into MPF compared to having a second or higher-parity birth with one total fertility partner. Between- and within-individual differences in depressive symptoms for MPF mothers and fathers, compared to mothers and fathers with children by one partner, are fully attenuated by controlling for family formation-level confounders: age at first birth, number of children, marital status, and number of unions. Additionally, net of these family formation-level confounders, there was no evidence that transitions into MPF are associated with greater increases in depressive symptoms than are transitions into having a second or later child with one fertility partner. The findings suggest that family-level confounders select young adult parents into MPF and higher levels of depressive symptoms.