The aim of this selective review article is to summarize some of the best-known psychoanalytic theories regarding depression. Since Freud’s Mourning and Melancholia in 1917, psychoanalysis has made considerable steps forward in the interpretation of depression. Depression was seen as a despairing cry for love, aggression towards the self, a conflict of the ego, a fixation on experiences of helplessness and powerlessness, an expression of the neurotic personality structure, and depressive position. Depression is often linked with aggression, anxiety, guilt, and narcissism. In the classic psychoanalytic view of depression, orality plays a significant role. As psychoanalytic theories evolved, some important concepts emerged: the cognitive triad, which includes negative perceptions of the self, world, and future as an important variable in depression, “sociotropic” (socially dependent) and “autonomous” types of depression, the dominant other, and the role of the therapist who can become the dominant or significant third. Psychoanalytic theories from the end of 20th century divide depression into anaclitic and introjective based on psychopathology. Authors in the 21th century showed the neurohormonal, neurochemical, and neuroimmunological background of depression, in a way confirming some of the classic psychoanalytic theories.