Psoriasis is a chronic condition that affects the well-being and quality of life of patients. The disease is associated with an increased risk of depression and suicidality, which may not be fully understood by the general population. It is crucial to understand the effect this disease has on mental health and determine risk factors that may help identify patients who are susceptible to depression and suicidality. Risk factors discussed in this article include age, gender, and severity of disease in psoriasis patients. Of these, age and severity of disease are significant with a clear association of increased depression and suicidality found in patients who are younger or have more severe disease. Although there is evidence that psoriasis treatments can improve both disease and associated depression symptoms, there are high rates of undertreatment. By identifying high-risk psoriasis patients, dermatologists can aim for optimal treatment of the disease and thus help alleviate the associated psychiatric burden.