Guided by Bowen theory, we investigated the relationships between parent–child triangulation, parental differential treatment (PDT), sibling warmth, and individual depressive symptoms in a sample of 77 sibling dyads, aged 18–25 years, recruited through undergraduate classes at a U.S. public University. Results of the actor–partner interdependence models suggested that being triangulated into parental conflict was positively related to both siblings’ perception of PDT; however, as one sibling felt triangulated, the other perceived reduced levels of PDT. For both siblings, the perception of higher levels of PDT was related to decreased sibling warmth and higher sibling warmth was associated with fewer depressive symptoms. The implications of these findings for research and the treatment of depression in the college‐aged population are discussed.