The aim of this study was to analyze the relationship of residual mood and panic–agoraphobic spectrum phenomenology to functional impairment and quality of life in 226 adult outpatients who had remitted from a major depressive episode. Quality of life and functioning were assessed using the Quality of Life Enjoyment and Satisfaction Questionnaire and the Work and Social Adjustment Scale. Residual symptoms were assessed using the Mood and Panic–Agoraphobic Spectrum Questionnaires. Linear and logistic regression models were used to analyze the relationship of mood and panic–agoraphobic spectrum factors with quality of life and functioning. Poor quality of life was associated with the Mood Spectrum Self-Report Questionnaire factors ‘depressive mood’ and ‘psychotic features’ and the Panic-Agoraphobic Spectrum Self-Report Questionnaire factors ‘separation anxiety’ and ‘loss sensitivity’. Functional impairment was associated with the Mood Spectrum Self-Report Questionnaire factor ‘psychomotor retardation’ and the Panic-Agoraphobic Spectrum Self-Report Questionnaire factor ‘fear of losing control’. These relationships were held after controlling for the severity of depression at the entry in the continuation treatment phase. In conclusion, the spectrum assessment is a useful tool for clinicians to identify areas of residual symptomatology that can be targeted with focused and effective long-term treatment strategies.