Background: Previous studies have found that adolescents’ depressive symptoms are influenced by social networks in a stressful context, especially focusing on the processes of social selection and social influence. The current study aimed to explore the coevolution of sociometric popularity and depressive symptoms among adolescents suffering from the stress attached to the Chinese gaokao. Methods: The analytical sample comprised 1062 Chinese adolescents who were under significant pressure to return to school for an additional year (returnees) to prepare for college entrance examinations. Students were assessed for depressive symptoms and asked to nominate up to five friends within their classes across four waves (six months). We employed stochastic actor-oriented models to investigate the interdependent relationships between popularity and depressive symptoms. Results: Adolescents’ depressive symptoms negatively predicted future friendship popularity in this stressful situation, but not vice versa. The results of this study also highlighted the importance of friends’ popularity, indicating that adolescents who nominated popular peers as friends tended to subsequently have lower depressive symptoms. Conclusion: These findings suggested that friends’ popularity may serve as a protective factor against depressive symptoms under major chronic stress. Network-based interventions may have practical implications for reducing depressive symptoms under major chronic stress.