This chapter discusses the evolution of psychodynamic models of personality, and the place of these models within contemporary psychology. After reviewing the core assumptions of psychoanalysis—primacy of the unconscious, psychic causality, and the critical importance of early experiences—the basic elements of Freud's classical psychoanalytic theory are described, including the drive model, topographic model, psychosexual stage model, and structural model. Neo‐analytic theories, object relations theory, self‐psychology, and contemporary integrative psychodynamic frameworks are then discussed in relation to the classical psychoanalytic model. Common threads linking these disparate psychodynamic perspectives are highlighted, including personality processes and dynamics, insight and awareness, coping and defense, and normal and pathological functioning. Evolving psychoanalytic views of motivation, mental structure, and personality stability and change are emphasized. Finally, key issues in twenty‐first century psychoanalysis are discussed, including the importance of testing psychoanalytic hypotheses empirically, cognitive and developmental contributions to psychodynamic personality theory, recent developments in psychoanalytic health psychology, and the opportunities and challenges of neuroscience.