This study is a pilot Randomized Controlled Trial (RCT) that compares the effectiveness of a Cognitively-Based Compassion Training (CBCT) group treatment to a support group in reducing depressive symptoms and suicidal ideation and increasing self-compassion and mindfulness in low-income African Americans who had attempted suicide (n = 82). After completing several measures, including the Beck Scale for Suicide Ideation (BSS), Beck Depression Inventory—II (BDI-II), Self-Compassion Scale (SCS), and Five Facet Mindfulness Questionnaire (FFMQ), participants were assigned randomly to attend either a 6-session CBCT group or a 6-session support group. Although following intervention participants randomized to both groups had comparable reductions in levels of depressive symptoms and suicidal ideation and no significant changes in their levels of mindfulness, improvements in levels of self-compassion were found only for those receiving the CBCT intervention. In addition, for individuals in the CBCT group but not in the support group, the degree of improvement in self-compassion predicted the level of reduction in depressive symptoms and suicidal ideation and the degree of improvement in mindfulness predicted the level of reduction in depressive symptoms. Taken together, the results indicate that CBCT is potentially valuable for this population and its emphasis on self-compassion and mindfulness is associated with improved psychological functioning.