Depression is a debilitating psychiatric disorder that can hinder the lives of many individuals. Although there are a variety of medications available, much of these interventions are limited in effectiveness, and they can have adverse effects such as emotional blunting. Recent research has provided an alternative to these interventions with the emergence of psilocybin, which has shown promise in treating treatment-resistant depression and depression in cancer patients. This study reviewed, analyzed and compared previous research and literature to investigate the effects of psilocybin on depression and personality. Even though more research is required within this field of study, psilocybin appears to be a new promising treatment for depression.