Depression in Europe has a prevalence rate of 3.9%. One of the main work loads in out-patient care comes from treatment of affective disorders. The objective of the present study is to compare the efficacy of psychotherapy versus drug therapy in the treatment of affective disorders. The systematic review carried out has found 6 randomized controlled trials with a pill-placebo control group. The conclusions obtained after re-analyzing each study point out to comparatively equal efficacy of the active treatments and placebo in mild depressions. On the other hand, no significant differences were observed in relationship to the psychotherapeutic treatment efficacy versus drug treatments in moderate and severe depressions, these out-performing placebo efficacy.