Late-onset late-life depression (LLD, depression with an age of onset above 60 years) appears to differ from depression with early onset in its association with cerebral small vessel disease, beta-amyloid and tau deposition, and neurodegenerative processes. Multimodality imaging (SPECT, PET, MRI) supports this concept and the notion that late-life depression relies on dysfunctioning of the frontal lobe, but also highlights that mechanisms underlying late-onset depression are heterogeneous and diverse. The future of PET and SPECT imaging in depression research relies on progress in data analysis, the development of novel molecular probes for specific cerebral targets, and combination of different imaging modalities (e.g., PET and MRI). Relatively unexplored areas for future research are gender differences, longitudinal changes of brain function associated with subclinical and clinical depression, and analysis of the default network activity.