Background/Objective: The aim of this study was to investigate the relationship among perceived stress, burnout and depression in a sample of athletes. It was hypothesized that stress is an antecedent of burnout and depression a possible consequence of both stress and burnout. Method: A sample of 453 athletes participated in the study. Stress and depression were measured with Depression Anxiety Stress Scales (DASS) and athlete burnout with Athlete Burnout Questionnaire (ABQ). Data analysis was conducted under the approach of structural equation modelling (SEM). Results: The direct effects of stress on burnout and depression were .66 and .24, respectively, and the direct effect of burnout on depression .53, all of them significant (p<.001). Stress accounted for 43% of the variance of burnout, and jointly stress and burnout for 50% of the variance of depression. Indexes of overall model fit were: χ² (224)= 520.881 (p�<�.001), χ²/df�=�2.32, Goodness of fit index (GFI)�=�.91, Comparative fit index (CFI)�=�.89, Root mean square error of approximation (RMSEA)�=�.054 (90% confidence interval, .048-.060), and Standardized Root Mean Square Residual (SRMR)�=�.063. Conclusions: This study provides evidence of the relationship among stress, burnout and depression in an only model.