This study was aimed to examine the mediating effects of cognitive flexibility and depression in the effects of parental psychological control, cognitive flexibility, and depression on basic psychological needs satisfaction in youth. 585 youths in Seoul, Gyeonggi, Incheon, Chungcheong, Jeonbuk, and Gyeongnam province participated in the survey. Data analysis was conducted through mean, standard deviation, frequency analysis, Pearson correlation analysis, stepwise multiple regression analysis, simple regression analysis, and multiple regression analysis using SPSS Win 21.0. The major results of this study were as follows: First, autonomy and competence as basic psychological needs were mostly accounted for by control of cognitive flexibility, while relatedness was mostly accounted for by depression. Second, control of cognitive flexibility partially mediated the relationship between parental psychological control and autonomy, and completely mediated the relationship between parental psychological control and competence. Also, depression partially mediated the relationship between parental psychological control and autonomy, and completely mediated the relationships between parental psychological control and competence and between parental psychological control and relatedness.