Background Reward sensitivity plays a crucial role in shaping emotional and behavioural responses, yet its internal structure and dynamic interplay with depression remain underexplored. This study systematically examined the network structure of reward sensitivity and its associations with depression using a network analysis framework. Methods Based on two waves of data (T1: N = 1,136, M age = 14.33, 52.46% female; T2: N = 1,083, M age = 14.32, 52.82% female), we constructed multiple cross‐sectional and bridge networks, as well as a cross‐lagged panel network model (CLPN). Results (1) Cross‐sectional network analysis reveals that positive feedback serves as the core node in the depression group, while hobbies dominate in the healthy group; (2) bridging network analysis identifies hobbies and positive affect as key bridging nodes linking reward sensitivity and depression; (3) CLPN analysis demonstrates that greater engagement in hobbies at baseline significantly predicts lower levels of depression 6 months later. Conclusions This study provided a novel network perspective on the structural and temporal characteristics of reward sensitivity in depression. The findings underscored the importance of targeting specific reward types in intervention strategies and personalised mental health approaches.