Self-esteem is an essential source of psychological health and well-being. Negative self-evaluations can have adverse effects on psychological functioning, with suicidal ideation being one of the possible outcomes. While the association between self-esteem and suicidal thoughts is well established, potential mediating mechanisms underlying this relationship, as well as the role of protective factors warrant further investigation. Following this understanding, in the current study, hopelessness and depressive symptoms function as mediating factors, given their close association with self-esteem and suicidal ideation, and reasons for living is conceptualized as a protective factor. Accordingly, the present study aims to examine the serial mediating roles of hopelessness, reasons for living and depression in the relationship between self-esteem and suicidal ideation, while controlling for age, gender and prior suicide attempts. The model was tested with the data obtained from a community sample of 475 participants aged 18-65 years. Variables were measured using Rosenberg Self-Esteem Scale, Hopelessness Inventory-5, Reasons for Living Inventory, Patient Health Questionnaire-9 and a single-item measure of suicidal ideation frequency. The serial mediation analysis was performed using Hayes' PROCESS Macro. Results indicated that the direct effect of self-esteem on suicidal ideation was not significant. Single-mediator models revealed that each of the three variables significantly mediated the relationship between self-esteem and suicidal ideation. In two-mediator models, the indirect effect of self-esteem on suicidal ideation was serially mediated through hopelessness and reason for living, and also through hopelessness and depression. Neither the serial mediating effect of reasons for living and depression nor the serial mediation model including all three mediators reached statistical significance. Findings highlight the importance of examining mediating factors in the link between self-esteem and suicidal ideation. Hopelessness seems to have a stronger impact than depression, while reasons for living may buffer this effect.