Mood stabilizers can be classified into two generations based on the chronology of their introduction into the psychiatric armamentarium. First-generation mood stabilizers (FGMS) such as lithium, valproates and carbamazepine were introduced in the years 1960-1970s. Second-generation mood stabilizers (SGMS) started in 1995, with a discovery of the mood-stabilizing properties of clozapine. The SGMS include atypical antipsychotics such as clozapine, olanzapine, quetiapine, aripiprazole, and risperidone as well as a new anticonvulsant drug, lamotrigine. Recently as a candidate for SGMS, a novel antipsychotic, lurasidone, has been suggested. Several other atypical antipsychotics and anticonvulsants, as well as memantine showed some usefulness in the treatment and prophylaxis of bipolar disorder; however, they have not fully met the author’s criteria for mood stabilizers.