Thinking about a negative event from a self-distanced (vs. self-immersed) perspective is associated with lower emotion intensity. However, it is unclear how self-distancing impacts emotion unfolding and whether individual differences in depression severity moderate this impact. We addressed this issue by examining the effect of self-distancing on emotion explosiveness (i.e., steepness of the emotion response at onset) and accumulation (i.e., intensification of the response after onset) in participants differing in levels of depression. Participants adopted a self-immersed or self-distanced perspective while reading and thinking about manipulated negative social feedback. Both explosiveness and accumulation decreased when participants adopted a self-distanced perspective. Moreover, the effect of perspective taking on accumulation was especially outspoken for people with high levels of depression severity.