Suicide is a major public health concern. A significant proportion of depressed individuals show suicidal ideation. The currently available medications are not optimal and a large number of depressed/suicidal patients do not respond to these medications. Thus, there is an urgent need to fully understand the neurobiological mechanisms associated with depression and suicidal behavior and to find novel targets for therapeutic interventions. In this regard, microRNAs (miRNAs), member of small non-coding RNA family, have emerged as an invaluable tool not only to understand disease pathogenesis but also to precisely pinpoint the targets that can be developed as drugs. In this review, these aspects have been discussed in a comprehensive and critical manner.