We examined the perceptual discrepancy profiles between self‐ and peers, and self‐ and teacher evaluations of adolescents’ social competence (SC) and the interrelations of these profiles with self‐reported depressive symptoms. The participants were 390 Finnish lower secondary school pupils. Latent profile analysis revealed five classes of discrepancy profiles; adolescents with congruent perceptions, quite congruent perceptions, and positively discrepant perceptions of SC reported lower scores of depressive symptoms, whereas those with negatively and extremely positively discrepant perceptions of SC reported the highest scores of depressive symptoms. The larger the discrepancy between self‐ and others’ evaluations of SC were, the more depressive symptoms were reported. The results indicate that interventions designed to mitigate depression need to be tailored to individual needs.