Objectives: The purpose of this study was to examine the mediating effect of self-esteem on the relationship between academic stress and depression in foreign students in Korea. Methods: The subjects of this study were 343 foreign students enrolled in universities and graduate schools in Daegu and Gyeongbuk area, and data were collected by conducting a questionnaire survey using the internet. The collected data was analyzed using SPSS 23.0 and PROCESS macro Model No 4. Results: The results were as follows. First, academic stress of foreign students increased the level of depression statistically significantly. Second, academic stress significantly reduced the self-esteem of foreign students. Third, the self-esteem of foreign students partially mediated the effect of academic stress on depression (p<0.05). In other words, it suggests that academic stress lowered self-esteem, and that the lowered self-esteem had an effect on the increase in depression. Conclusions: These results suggest that an intervention program to reduce academic stress is needed as a countermeasure for the alleviation and prevention of depression in foreign students, and that strategies for improving self-esteem should be considered as important.