<p>School bullying victimization was found to significantly associated with depressive symptoms among adolescents. Late adolescence (college stage) is an important stage of mental and social development, and individuals are particularly vulnerable to depression during this period. However, while a large body of research has explored the relationship between bullying and depression, research on the cognitive and social factors that influence this relationship remains relatively limited. The current study examined rumination as a mediator and distinct sources of perceived social support as moderators in the relationship between bullying victimization and depressive symptoms among college students. A cross-sectional survey was conducted with 5,408 college students (aged 16–24 years) from Southern China. Participants completed measures assessing school bullying victimization, depressive symptoms, rumination, and perceived social support. Rumination statistically fully mediated the association between bullying victimization and depressive symptoms. All three distinct sources of social support—friends, family, and significant others—moderated the mediation effect of rumination between bullying victimization and depressive symptoms. Family support exhibited the most robust moderating effect on the rumination-depression pathway. Perceived social support buffers the bullying-depression pathway, with family support playing a particularly critical role. These findings highlighting the importance of culturally tailored interventions that strengthen familial bonds and social networks to mitigate depression risk.</p>