Many high-income societies have seen two parallel trends in recent decades: falling fertility rates and an increasing prevalence of mental health issues among young adults. Yet, the association between mental health and fertility remains underexplored, especially with respect to fertility preferences and their realisation. This study examines how depression, one of the most common mental disorders, relates to two fertility outcomes: (1) reporting a positive short-term fertility intention, and (2) realising such an intention. The study uses data from the Norwegian and Swedish Generations and Gender Surveys from 2007/2008 to 2012/2013, together with their register-based follow-ups. To measure depression, we use the 7-item, shortened version of the Centre for Epidemiologic Studies Depression Scale (CES-D Scale). Results show that depression is negatively associated with the propensity to report a positive fertility intention among Norwegian women and the propensity to realise a positive fertility intention within three years among Swedish women. Among men, depression is not significantly associated with either of the two outcomes. This study contributes new evidence on how depression may influence fertility, advancing the understanding of the determinants of fertility behaviour as well as the consequences of a widespread mental disorder.