While Facebook usage intensity (FBUI) and compulsive buying tendency (CBT) have individually received increased research attention, very little is known about the mechanisms through which FBUI affects CBT. This study proposes and tests a multiple mediation model in which the effect of FBUI on CBT is mediated by personality characteristics (envy, self-esteem, and self-promotion). The study also explores the moderating effect of depression on these mediated relationships. The results of a self-administered survey of 393 Bangladeshi adults support the proposed moderated mediation model. The effect of FBUI on CBT is mediated by envy and self-esteem independently. The FBUI indirectly affects CBT through serial mediators: 1) envy and self-esteem; 2) envy and self-promotion. These serial mediating effects are moderated by depression. The theoretical and practical implications of these findings are discussed.