Refugees are exposed to cumulative pre-migration, migration, and post-migration stressors that increase vulnerability to depressive disorders and impaired quality of life. Aim of this study was to assess the prevalence and severity of depressive symptoms among adult refugees in Serbia and associations with sociodemographic characteristics, traumatic experiences, social support, and Health Related Quality of Life (HQoL). This study included 324 refugees in four reception centers in Serbia. Data were collected between November 2022 and April 2023 using self-report questionnaires. Depressive symptoms were assessed using the Patient Health Questionnaire-9 (PHQ-9), while HQoL was evaluated using the SF-36 Health Survey. Sociodemographic, migration-related, and psychosocial variables were collected through a structured questionnaire. The mean PHQ-9 score indicated mild to moderate depressive symptomatology. Significant depressive symptoms were present in 41.4% of participants, while more than 70% reported mild symptoms. Depressive symptom severity was negatively correlated with energy/fatigue, emotional well-being, social functioning, general health, and pain. Energy/Fatigue emerged as the strongest independent predictor of depressive symptom severity. Depressive symptoms are highly prevalent among refugees and are closely associated with impaired quality of life and psychosocial stressors. These findings highlight the need for systematic screening and psychosocial interventions targeting mental health issues in refugees.