This study was designed to evaluate the potential efficacy of repetitive transcranial magnetic stimulation (rTMS) at low‐frequency in patients with major depression and schizophrenia. Experimental Design: We investigated the therapeutic effect of a course of 10 rTMS sessions in 14 subjects with major depression (MD) and 10 with schizophrenia. Principal Observations: Seven of the depressed patients reported significant improvement in depressive symptomatology, and seven of the schizophrenic subjects reported amelioration of anxiety and restlessness. Conclusions: These preliminary results suggest that low‐frequency rTMS may be beneficial mainly in MD and to some extent in schizophrenia, and support the need for controlled studies to further validate its therapeutic potential. Depression and Anxiety 7:65–68, 1998. © 1998 Wiley‐Liss, Inc.