Aims: This study examines the moderating role of parental neighborhood perceptions on the relationship between neighborhood structural disadvantage and adolescent depressive symptoms. Methods: Data from the National Longitudinal Study of Adolescent to Adult Health (Add Health) consisting of 12,105 adolescents and their parents were used. Results: Mixed effects multilevel modeling revealed that parental‐perceived neighborhood disorder was associated with higher levels of adolescent depressive symptoms (β = .27, p ≤ .001). The interaction between neighborhood concentrated poverty and parental‐perceived neighborhood disorder was also significant (β = −.14, p ≤ .01). Low and high levels of parental‐perceived neighborhood disorder were associated with lower (β = −.41, p < .05) and higher (β = .46, p ≤ .01) levels of adolescent depressive symptoms, respectively, with increasing concentrated poverty. Parental‐perceived collective efficacy was not associated with adolescent depressive symptoms nor was it a moderator. Conclusion: Findings suggest that the neighborhood's social environment may mitigate adolescent depressive symptoms. Implications for structural interventions are discussed. [ABSTRACT FROM AUTHOR]