Depression is characterized by atrophy in several brain structures, with the hippocampus seemingly particularly affected. A wide variety of cellular mechanisms have been proposed for these structural modifications, including the regression of dendritic branching. While neurogenesis alone appears inadequate to produce such marked changes, an altered rate is likely to affect hippocampal function. There is also strong evidence for neurotransmitter and glucocorticoid-mediated effects on neurogenesis, providing routes for the action of antidepressants. We aim to show how neurogenesis relates to the 'conventional monoaminergic theory of depression' and its modulation by antidepressants.