Depression and anxiety are common mental health issues globally, yet limited research has focused on job seekers in Bangladesh. This study examines the prevalence and associated factors of depression and anxiety symptoms among Bangladeshi graduates seeking employment. A cross-sectional study was conducted among graduates from two public universities in Bangladesh, using face-to-face interviews and a semi-structured questionnaire. Data were collected between March and April 2024 through convenience sampling. Chi-square tests and logistic regression were used for analysis with SPSS software. Among the participants, 46.8% experienced depressive symptoms and 67.8% had anxiety symptoms, with 42.3% experiencing both. Factors associated with a reduced risk of depressive symptoms included being a first child (OR = 0.48, 95% CI: 0.25–0.93, p = 0.031) and exam satisfaction (OR = 0.22, 95% CI: 0.12–0.39, p < 0.001). Lower symptoms of anxiety were associated with being male (OR = 0.45, 95% CI: 0.25–0.80, p = 0.007), first-born status (OR = 0.45, 95% CI: 0.22–0.92, p = 0.030), financial contribution to family (OR = 0.40, 95% CI: 0.19–0.81, p = 0.011), over 12 months of preparation (OR = 0.37, 95% CI: 0.15–0.92, p = 0.034) and exam satisfaction (OR = 0.40, 95% CI: 0.22–0.71, p = 0.002). Intentionally unemployed participants had a higher risk of anxiety symptoms (OR = 1.70, 95% CI: 1.00–2.89, p = 0.046). This study reveals high rates of depressive and anxiety symptoms among job-seeking graduates in Bangladesh. Socio-demographic and job-related factors appear to significantly impact mental health, underscoring the need for a holistic approach to address these challenges. Targeted mental health interventions and increased public awareness are essential to support vulnerable groups in navigating the highly competitive job market.