Despite the well-documented impacts of single natural hazards like earthquakes, less is known about the psychological adaptation to multiple natural hazards, particularly in rural areas. This study investigated the associations of multiple natural hazards with depression among Chinese adults. Data were retrieved from the China Family Panel Studies conducted during 2010–2018. With a sample of 11,633 Chinese adults, multilevel logistic regression was employed to examine the relationships between natural hazard exposure and depression in the total sample and different age groups. Overall, experiencing four or more natural hazards was associated with a higher risk of being depressed. Regarding hazard type, the number of hydrometeorological and biological hazards was associated with a higher likelihood of depression, whereas the number of geologic and other hazards was related to a lower risk of depression. Middle-aged adults from villages were more likely to be affected by natural hazard exposure than older and younger adults. The findings of this study show that cumulative exposure to natural hazards can generate lasting effects on depressive symptoms, particularly in middle adulthood. The findings also suggest that older adults from rural areas may have accumulated more resilience to mitigate the adverse well-being effects of hazard events. Policies and interventions should enhance disaster awareness and preparation for aging residents from multi-hazard communities.