Kerivoula depressa was initially described by American zoologist Gerrit Smith Miller Jr.

[2] It was long considered a subspecies of Hardwicke's woolly bat until a 2017 paper showed cryptic diversity within the species: based on genetic differentiation, the authors determined that K. depressa should be considered a species rather than a subspecies.

The fur on its belly is paler in color, also with bicolored hairs that are dark brown at the bases and brownish yellow at the tips.

[4] Kerivoula depressa is found in Southeast Asia, where its range includes Cambodia, Laos, Myanmar, Thailand, and Vietnam.

It is found at elevations from 150–1,453 m (492–4,767 ft) above sea level in evergreen forest habitats.