A series of psychoanalytic theories have suggested many factors that play a central role in the development of depression. In this article, authors reviewed previous literatures and studies about the psychoanalytic theories of depression. Common factors which are involved in the development of depression included narcissistic vulnerability, conflicted anger, severe superego, idealizing and devaluating self or others, and maladaptive defense mechanisms. These factors result in the psychodynamic susceptibility for depression. Understanding the psychoanalytic factors of the patients help to make us grasp the patient-specific vulnerabilities, consequently make us apply individualized psychotherapeutic approach for each patient.