After the “cognitive revolution” the Cognitive-Behavioural Model has become something like the predominant paradigm in understanding and treating depression and range of other conditions. First, I will argue that such approach is in part based on misleading philosophical assumptions concerning the relation between emotions and beliefs and the nature of mental states. Second, drawing on new developments in the philosophy and neuroscience of emotions, I will attempt to construct more coherent theoretical framework for understanding depressive experience and work out some of the practical consequences.