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Psilocybin, chemically known as (4-phosphoryloxy-N, N-dimethyltryptamine, 4-PODMT), is derived from the psychoactive mushroom genus, Psilocybe. Of the four active metabolites, psilocin readily enters systemic circulation. The psychoactive effects of psilocin are thought to arise through partial agonist effects at the 5-HT2A receptor. Psychedelic drugs, including psilocybin, are having a renaissance, especially in mental health disorders, addiction, and cancer-related depression. The beneficial effects of psilocybin are expanding into brain injury and lifespan due to its ability to enhance neuroplasticity. However, the large-scale synthesis of psilocybin was the main challenge for the scientific community after the FDA's breakthrough therapy designation in 2018 for Treatment- Resistant Depression (TRD) and for Major Depressive Disorder (MDD) in 2019. Synthesizing psilocybin is challenging due to the complex reactions, a multi-step process that requires strict temperature control, hazardous reagents, and purification difficulties. The very first Hoffman's synthetic method was successfully modified by several medicinal chemistry research groups to obtain it on a kilogram scale to conduct important clinical trials. This mini review comprises a brief history, chemistry, and pharmacology, along with the therapeutic use in depression of this naturally occurring psychedelic.