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Objectives: The Major Depression Inventory (MDI) was constructed to assess DSM‐IV and ICD‐10 depression symptoms, and does not fully cover the symptoms listed in DSM‐5 and ICD‐11. This study aimed to augment the MDI to the new diagnostic standards by adding a new item, and to assess and compare the measurement performance of the MDI items and diagnostic algorithms for major depression according to DSM‐IV, ICD‐10, DSM‐5 and ICD‐11. Methods: Surveys collected 2001–2003 and 2021, including self‐assessed MDI were used. A new hopelessness item was constructed and analyzed alongside the hopelessness item in the Symptom Checklist. The performance of items was compared using Rasch and Mokken analyses. Criterion validity was examined using equivalent diagnoses from psychiatric interview (Schedules for Clinical Assessments in Neuropsychiatry [SCAN]) as standard. Results: MDI information was provided by 8511 individuals in 2001–2003 (SCAN subsample n = 878), and 8863 in 2021. All items, including hopelessness had good psychometric properties. Sensitivity ranged between 56% and 70%, and specificity between 95% and 96%, indicating similar criterion validity. Conclusions: Hopelessness and the MDI items had good psychometrics. MDI for DSM‐5 and ICD‐11 had similar validity as for DSM‐IV and ICD‐10. We recommend that MDI is updated to DSM‐5 and ICD‐11 by adding a hopelessness item. [ABSTRACT FROM AUTHOR]