Background and Objective: Depression is the most common mental disorder in different societies, and it is estimated to be the second most common disease followed by cardiovascular disease by 2020. Zinc and magnesium may play a role in the pathophysiology of depression. Therefore, the present study was designed to investigate the relationship between serum zinc, magnesium, and depression in postmenopausal women. Materials and Methods: This was a case-control study of 68 depressed women and 68 non-depressed women. At first, after completing the informed consent and demographic questionnaire and the Beck Depression Inventory, the blood samples were collected, centrifuged and frozen. Then, the zinc and magnesium levels were evaluated by the flame atomic absorption technique. Data were analyzed using SPSS-Ver22, chi-square test, independent t-test, and logistic regression. P values < 0.05 was considered significant. Results: The mean serum zinc and magnesium levels were 88.26 ± 21.21 µg/dl, 1. 82± 0/49 mg/dl in case group and 102.64 ± 24.41 µg/dl, 2.17 ± 0.57 mg/dl, in control group respectively, which showed a significant difference between mean and standard deviation of serum zinc and magnesium levels in both case and control groups. Based on logistic regression analysis, the increase in serum zinc levels is associated with a reduction in the depression risk [odds ratio: 1.027; CI 95%: 1.011 to 1.044]. Moreover, the increase in serum magnesium levels is associated with a reduction in the depression risk [odds ratio: 3/278; CI 95%: 1.62 to 6.602]. Conclusion: Based on the findings, serum zinc and magnesium levels in the case group were lower than that of the control group. This valuable information can be used in planning to prevent depression.