The management of mental disorders is dominated today by pharmacotherapy, while nutrition and dietary approaches play a minor role. Evidence from both preclinical and clinical investigations suggests an important role for lipids in major mental disorders. Alterations in the concentration, organization, and metabolism of lipids are associated with mood disorders, schizophrenia, and behavioral problems in childhood. The lipid composition of the brain can be influenced by nutrition, environmental factors, and behavioral activity. Lipids, and omega‐3 polyunsaturated fatty acids (PUFAs) in particular, may represent a target for the prevention and treatment of mental disorders. Deficits in the dietary omega‐3 PUFAs, mainly eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), have been implicated in the pathophysiology of several mental disorders and linked to the maintenance of brain health. This may be mediated by the modulation of inflammatory processes and direct effects on neuronal membrane fluidity and receptor function. Low levels of omega‐3 PUFAs have been associated with various mental disorders, such as poor cognition, depression, anxiety disorders, schizophrenia, and attention‐deficit/hyperactivity disorder (ADHD). The available findings from randomized clinical trials examining the therapeutic efficacy of omega‐3 PUFAs are inconsistent and inconclusive. This limits their usage in psychiatric practice. Future research should investigate the molecular mechanisms underlying the effects of omega‐3 PUFAs in mental disorders. Large‐scale, well‐designed clinical trials should be conducted to assess the efficacy of omega‐3 PUFAs in the prevention and therapy of various mental disorders.