The aim of this critical review was to outline emerging trends and perspectives of clinical pharmacopsychology, an area of clinical psychology that is concerned with the psychological effects of medications. The historical development of clinical pharmacopsychology (Kraepelin, Pichot, Kellner, Di Mascio, Shader, Bech) is outlined, with critical review of its most representative expressions and reference to current challenges of clinical research. Clinical pharmacopsychology is concerned with the application of clinimetric methods to the assessment of psychotropic effects of medications (including behavioral toxicity and iatrogenic comorbidity) and the interaction of drugs with specific and non-specific treatment ingredients. Clinical pharmacopsychology offers a unifying framework for the understanding of clinical phenomena in medical and psychiatric settings. Research in this area deserves high priority.