: Since antiquity, the phenomenon of magnetism has been known, and it has been tried for therapeutic purposes. Through history, people have made use of both natural sources of magnetic fields (magnetic iron ore) and artificial ones (magnets, electromagnets). It was as late as the 19th century that we started to produce time-varying magnetic fields, making numerous observations about its impact on humans, the nervous system included. A majority of these observations were cognitive in nature. There are, however, studies aimed at assessing the therapeutic results of the influence of magnetic fields, particularly of low frequencies. In terms of magnetotherapy with the use of a low-induction magnetic field, there are serious doubts concerning its effectiveness in general, including therapy for mental disorders. The year 1985 witnessed the introduction of transcranial magnetic stimulation (TMS) into medical practice as a diagnostic tool in neurology as well as in basic neurophysiologic and neuropsychological investigations. The 1990s began the epoch of investigations into possible applications of TMS in therapy of mental disorders, particularly depression. This work presents critical remarks and limitations of TMS, such as findings that its effectiveness is not particularly high. The traditional fixed stimulation of a definite area of the patient's head may lead to irritation of structures that, in a specific patient, may not be responsible for the symptoms of depression. The effectiveness could be improved only with the use of neuronavigation and prestimulation via functional neuroimaging diagnostics of the brain, which, however, would make TMS expensive and less practical.