Objective: Low-income parents experience higher rates of depression due to their exposure to poverty-related stress. This study tested the Adaptation to Poverty Related Stress (APRS) model's proposed relationships between poverty-related stress, depression, and the protective roles of ethnic identity affirmation (EI), social support, and engagement coping in a racial/ethnically diverse sample of low-income parents. Identifying factors that buffer against stress in low-income parents is significant implications for interventions. Methods: Path analysis was used to test the APRS model in a sample of 602 parents living at or below 200% of the federal poverty line (50% male, mean age = 32.55 years, SD = 8.78). Multigroup path analysis tested moderation by gender and race/ethnicity. Results: PRS was a direct predictor of higher depressive symptoms and mediation analysis revealed that PRS was indirectly associated with higher depressive symptoms through less social support and less use of engagement coping operating in parallel and sequentially in a three-path mediated sequence. Conversely, EI was only indirectly associated with lower depressive symptoms through greater social support and greater use of engagement coping operating in parallel and sequentially. Moderation by gender and race/ethnicity was not found. Conclusion: This study confirms the critical role engagement coping plays in low-income parents' adaptation to PRS. Furthermore, EI may be protective against PRS through its' stabilizing effects on social support and engagement coping. However, PRS remained a significant risk factor in the face of multiple protective factors. This study suggests that clinical and preventive interventions targeting depression in low-income parents needs to focus on improving parents' EI, perceived social support and use of engagement coping and also decreasing their PRS. [This paper was published in "Journal of Consulting and Clinical Psychology" v88 p504-515 2020.]