- Major depressive disorder is characterized by at least one major depressive episode involving depressed mood and/or loss of interest/pleasure plus at least 5 other symptoms lasting at least 2 weeks. - Bipolar disorder involves alternating periods of mania/hypomania and depression and includes bipolar I, bipolar II, and cyclothymia. - Treatment involves managing acute episodes with medications like lithium, SSRIs, or antipsychotics and long-term maintenance therapy to prevent future episodes.