The efficacy of a cognitive–behavioral treatment program for individuals with comorbid posttraumatic stress disorder (PTSD) and major depression (MDD) was examined. In an uncontrolled pre- and posttreatment study, participants attended 12–16 weeks of manualized therapy incorporating behavioral activation for depression in early sessions and exposure therapy and cognitive restructuring for PTSD in later sessions. Fourteen participants (of 20) completed treatment. Results indicated a significant decrease in PTSD and depression severity between pre- and midtreatment assessments; PTSD decreased further from mid- to posttreatment. Treatment gains were maintained at 3-month follow-up; 60% of participants no longer met PTSD criteria at 3-month follow-up, and 70% no longer met MDD criteria. The clinical implications of this phased approach to treat PTSD and depression comorbidity are discussed.