Transcranial magnetic stimulation (TMS) is a new technology which holds promise as a treatment of psychiatric disorders. It has been applied on an experimental basis in range conditions. Current evidence reveals an important antidepressant effect. This paper reviews and comments the main publications where TMS was used for depression. A large number of animal studies and introductory clinical studies suggests that fast frequency repetitive TMS (FF-rTMS) has an antidepressant action. There have been eight blind sham controlled studies. In one too few pulses may have been provided, such that the active stimulus may have been inadequate. In another, the sham may have been active. All of the remaining six studies showed a significant antidepressant action for the active treatment. There have been two blind comparisons of FF-rTMS and electroconvulsive therapy (ECT). In one, FF-rTMS was shown to have an antidepressant effect approaching that of ECT. In the other, in non-delusional major depression, although a sub analysis result, FF-rTMS had an antidepressant effect the same at that of ECT.