Depression and low cognitive reserve are linked to impaired awareness in dementia, although their relative contributions are unknown. The authors investigated the impact of depressive symptoms and cognitive reserve on awareness in questionable and mild dementia. Sixty-six patients completed measures of cognitive reserve, awareness, and depressive symptoms. Cognitive reserve and its interaction with depressive symptoms accounted for significant proportions of variance in awareness; depressive symptoms alone did not. Depressive symptoms and awareness were positively related in high, but not low, cognitive reserve groups. Findings suggest cognitive reserve moderates the depression/awareness relationship in dementia, which may explain previously discrepant findings.