There is a complex relationship between nicotine use, subsequent nicotine dependence, and depression. Nicotine delivered by patch reportedly has antidepressant properties, even in non smokers [1], but the incidence of depression in smokers is high, and higher still in people attempting to quit smoking. Sorting out cause and effect with such observations is very difficult. One of the earliest theories on the etiology of depression was the cholinergic hypothesis proposed by Janowsky [2], which was based largely on the effects of cholinesterases inhibitors on mood, suggesting a relationship between a hypercholinergic state and depression. Since the early work by Janowsky, the concept of a hypercholinergic state in depression has been extended to apply to CNS muscarinic, and more recently, nicotinic receptor function. Here, with the additional consideration of nicotinic Acetylcholine Receptors (nAChR), we have the confounding conundrums of the mixed activating and desensitizing properties of nicotine [3] and the well-documented up-regulation of brain nAChR with chronic nicotine [4,5]. To what degree is the hypercholinergic state hypothesized by Janowsky related to increased acetylcholine, affecting both nicotinic and muscarinic tone, or to upregulated receptor function in one system or in both systems?The current therapies for depression are generally thought to work through the modulation of the biogenic amines, primarily serotonin and, to a lesser degree, nor-epinephrine. However, many antidepressants have anticholinergic activities as well. The antimuscarinic effects of antidepressants, most notable for tricyclics, are generally considered adverse side effects. However, the original work of Janowsky, and more recent work by Drevets [6], would suggest that such activity would also be part of their therapeutic efficacy. Numerous studies have also implicated antinicotinic activity as part of the profile for specific antidepressants and the antidepressant bupropion is approved for smoking cessation. Likewise, the smoking cessation drug varenicline has been shown to have antidepressant activity in animal models [7], with suggestive data for humans as well [8]. These two compounds hypothetically use two different pharmacologic approaches for down-regulating the activity of select brain nAChR, noncompetitive antagonism for bupropion and partial agonism for varenicline.