Neuropeptide Y exists in the central nervous system as aco-transmitter, neuromodulator and neurohormone. It effects many processes dependent on the central nervous system. The paper reviews the latest knowledge on the structure and occurrance of neuropeptide Y, its receptors, agonist and antagonist binding of these receptors. Taking into account its role in psychiatry, the authors concentrated on its part in the kindling mechanism in affective disorders as well as the neuroprotective function of neuropeptide Y in the excytotoxicity phenomena. NPY enhances the release of glutaminiane, which results in the anticonvulsing effect as well as in a neuroprotective one. The role of NPY in the stress mechanism, pathogenesis of depression, response to antidepressive treatment and the antianxiety profile of NPY in the brain structure has also been discussed. Taking into account its anti depressive and anticonvulsive profile, as well as neuroprotective properties, the searching for agonists and antagonists of its receptors seems to be interesting, as a possible way of influencing separate receptors and eventually controlling the physiological processes.