The purpose of this research is to explore similarities and differences of student burnout and student depression through educational (engagement in studying) and personal (personality traits) perspective. Due to the claims in literature considering burnout a popular word for depression, the main research question was whether burnout can be considered an independent nosological entity. The study included 135 undergraduate students in a Midwestern university, who filled out self-report questionnaires to measure burnout, depression, engagement, and Big Five personality traits. Correlational analyses showed moderate correlation between burnout and depression, and a similar correlation pattern of burnout and depression with engagement and personality traits. However, several regressional analyses indicated major burnout-depression differences in predicting engagement and personality. Based on these findings, the moderate relationship between the two constructs assumes that burnout belongs to the category of depressive disorders. At the same time, however, it was concluded that the significant differences in the way burnout and depression relate to engagement and personality may suggest that burnout can be differentiated from depression.