The field of psychiatry is facing unprecedented challenges. Despite recent important innovations, several mental disorders continue to lack effective treatment. After briefly exploring some of the current challenges, we suggest that the therapeutic use of psychedelic drugs in psychotherapeutic settings represents a promising and integrative treatment with enduring effects for mental health patients. We then propose that psychedelic psychotherapy could be an important innovation in the field, providing a treatment that combines complex pharmacological action with enhanced psychotherapeutic interventions.