Unipolar depressive disorder and bipolar disorder are common mental diseases that impose a very high societal burden in terms of morbidity, mortality, lost productivity, and costs. The 1-year prevalence of bipolar disorder is 1–2%, while the 1-year prevalence of depressive disorder is 3–6%. Mean age at onset is in the early to mid twenties for bipolar disorder and around 30 years of age for depressive disorder. The risk of recurrence of episodes after a first depression or manic episode is high, especially for bipolar disorder, and approximately 1% of patients convert from depressive disorder to bipolar disorder per year. Comorbidity with anxiety disorders, alcohol and drug dependence, and personality disorders is high. Both disorders are associated with long-term deficits in social, functional, and cognitive outcomes, and life expectancy is decreased by approximately 10 years, emphasizing the need for future studies on early intervention.