This study analyzed factors affecting self-esteem among individuals with severe mental illness to identify effective targets for social work interventions. Data were obtained from 290 individuals with psychiatric disability recruited from community-based psychosocial rehabilitation agencies. Analyses using structural equation modeling revealed that self-esteem consists of two independent dimensions--self-worth and self-deprecation; affective characteristics are more influential than cognitive characteristics in predicting self-esteem; and the predictive factors and paths of the two dimensions differ from each other. Implications for future social work research are discussed.