The aim of this study was to confirm the efficacy and tolerability of Quetiapine XR as monotherapy in the treatment of Major Depressive Disorder (MDD) and determine the optimal dosing regimen to maximize efficacy and reduce non-compliance due to side effects. This was a 12-week study with MDD subjects. The primary outcome measure was the Hamilton Rating Scale for Depression (HAMD) total score comparing baseline to end of treatment at week 12. Other assessments included the Hamilton Rating Scale for Anxiety (HAMA), Beck Depression Inventory (BDI), Beck Anxiety Inventory (BAI), and Perceived Stress Scale (PSS). Patients were flexibly dosed with Quetiapine XR beginning at 25 mg/day and titrating up to 300 mg/day as necessary. Patients were evaluated at baseline, and weeks 1, 2, 4, 8, 12. Of the 47 patients who completed baseline assessments, 43 were in the Intent-to-Treat (ITT) analysis and 28 completed at least 8 weeks of the study. There was no statistical significance in the baseline HAMD, HAMA, BDI, BAI or PSS scores between non-completers and completers. By week-1, patients on Quetiapine XR had a reduction in HAMD-17 scores from 24.64 to 15.68 (p < 0.05). By week 12, the median HAMD-7, HAMD-17, and HAMD-21 scores were < 7. Overall remission rate was 64.3%. Patients also experienced a significant decrease in HAMA scores from 21 (moderate anxiety) at baseline to 4 (minimal to no anxiety) at week 12. This decrease was much more pronounced in the high-anxiety group. We concluded that in patients with MDD, Quetiapine XR is an effective and relatively well tolerated monotherapy with the onset of therapeutic effect in both depression and anxiety symptoms occurring as early as week-1. We further determined that the optimal average daily dose (dose with greatest efficacy and least amount of adverse effects) is about 175 mg/day.