In this review, studies focusing on the therapeutic use of psychedelics for treating mental health disorders published since 2010 have been examined. A systematic literature search was conducted using Medline and EBSCO. After extracting data from 19 papers, an analysis was performed. Critical evidence highlighting the effectiveness of psychedelic drugs in treating depression, anxiety, obsessive–compulsive disorder, drug addiction, and mental problems associated with terminal disease has been identified in the analyzed research. Guidelines for the safe administration of psychedelic therapy have been employed in all relevant primary studies. Nonetheless, mania and psychosis have been found to be linked to unfavorable outcomes. Although there has been a resurgence of research on the safety and effectiveness of psychedelics for a variety of mental health issues, the positive findings of this review reinforce the need for more comprehensive studies to better understand how psychedelics affect clients with mental illnesses. More studies are also required to examine the effectiveness of psychedelics in treating some mental illnesses, such as eating disorders, posttraumatic stress disorder, and personality disorders.