It has been suggested that vanadium, a potent reversible inhibitor of sodium‐potassium‐sensitive adenosine triphosphatase (Na+/K+‐ATPase), is of aetiological importance in manic‐depressive illness. The present review submits to critical scrutiny the pertinent literature of (1) the existence of vanadium excess in various tissues; (2) Na+/K+‐ATPase activity in erythrocytes from patients with affective illness; and (3) treatment modalities applied to reduce body vanadium or to increase ‘sodium’ activity. Finally, data on vanadium deficiency as well as vanadium poisoning are discussed.