Psychotherapies stemming from psychoanalysis, broadly described as psychoanalytic and/or psychodynamic therapies, for many years have been extensively applied as one of leading methods of psychological help. In spite of its widespread prevalence, psychoanalytic psychotherapies are often challenged with allegations regarding its ineffectiveness in treating mental disorders. The aim of this article is to provide an up-to-date review of outcome studies in psychoanalytic psychotherapy. Data presented in the review includes systematic monographs, examples of recent meta-analytic research and findings from clinical RCT research conducted in line with evidence based medicine approach. The body of research conducted with valid methodology, on adequate samples, with the presence of control groups and comparable groups treated with other therapeutic methods, unanimously suggests that psychoanalytic approach is as effective as any other empirically acknowledged psychotherapeutic perspective. The review is supplemented by additional data from observatory research and a comment on most recent trends in psychotherapy effectiveness research.