Late-life depression (LLD), a potentially life-threatening disease that severely impacts older adults' health and quality of life, is a growing public health concern due to the aging global population. This review explores the challenges of treating LLD, including its unique presentation, underdiagnosis, and limitations of current treatment methods. It also examines the potential mechanisms underlying LLD, including cognitive changes in older adults, social stressors unique to their circumstances, and biological pathways that overlap with those of neurodegenerative diseases. Rather than viewing LLD as a singular medical condition, this review argues that it is the combined manifestation of a variety of underlying issues, including stress and age-related neurological dysregulation, inflammation, and oxidation, as well as social and cognitive alterations. New approaches to treatment and research are necessary, including innovative pharmacological research targeting shared neurobiological pathologies, holistic and personalized treatment plans, and standardized psychotherapy protocols. Some examples of emerging research incorporating this full-bodied approach are presented, and recommendations are given for future research and treatment. In conclusion, this review highlights the significance of recognizing LLD as a multifaceted issue to improve the aging experience.