Depression is a significant problem in early psychosis, yet there are few effective treatments available. The purpose of this open clinical trial was to examine the feasibility of cognitive behavioral therapy for depression in a sample of 10 depressed patients with early psychosis. Patients received between 16 and 22 sessions of cognitive therapy delivered by a certified cognitive therapist. They completed baseline and posttreatment assessments on clinical rating scales and self-report questionnaires. Group results suggest that participants demonstrated significant reductions in depression, negative symptoms, and general psychopathology. They also reported less hopelessness, beliefs about loss, dysfunctional attitudes, and increased self-esteem. Clinical case descriptions are also discussed. Results demonstrate that CBT may be a feasible treatment for depression in psychotic disorders, but more rigorous research is needed. Clinical and research implications are discussed.