Antiepileptic drugs (AEDs) are currently used in both neurology and in psychiatry. It is generally accepted that GABA-ergic compounds have sedative and anxiolytic properties, whereas channel blockers are mood stabilizers. However, this paradigm is often challenged. This is related to the variety of mechanisms of action of individual AEDs on biological systems, only some of which are related to the desired CNS effect. At present, just a few AEDs are licensed for psychiatric indications, namely carbamazepine, valproate, lamotrigine and pregabalin. Data on other AEDs show potential benefits, but are still inconclusive in some cases. This article discusses molecular targets of AEDs relevant for their psychotropic properties with special attention to newest compounds. Current knowledge gaps are also highlighted.