The association of psychic trauma to masochistic behavior, either erotogenic or moral, and to depression has been repeatedly ascertained in the psychoanalytic literature. The following report is about the case of a patient with a traumatic childhood, who engaged in erotogenic masochistic behavior and intermittent depression combined with moral masochism. The evolution of the case shows that whenever the patient was threatened by separation anxiety he resorted to erotogenic masochism so as to handle the trauma of separation and maintain his self integrity. On the other hand, when severe exogenous traumatic events such as actual loss of a significant other occurred, caused the erotogenic masochism to fail as a defense, the patient regressed to an immobilized narcissistic state, characterized by severe depressive symptomatology with moral masochistic elements. It was as if his catatonic form of reaction enabled him to achieve a symbiotic union with his internal objects and prevent further psychotic disorganization.