Newer pharmacotherapies such as ketamine, esketamine, and psilocybin show promise for treating major depressive disorder. Ketamine and esketamine work through NMDA receptor antagonism to rapidly reduce depressive symptoms, while psilocybin's mechanism is unknown. Side effects are usually mild and transient. Psilocybin and ketamine research demonstrate their potential as fast-acting antidepressants, but regulatory approval and coverage can limit patient access. Continued research aims to develop additional options for treatment-resistant depression.