I have tried to review some of the implications that the new philosphy of science holds for psychoanalysis. After briefly summarizing the essential principles of Bhaskar's transcendental realist view of science, I apply it to a number of issues within psychoanalysis. First it is argued that rigorous attempts should be made to develop an integrated theory of psychoanalysis. Secondly, the influence of empirical realism and hermeneutics on psychoanalysis is reviewed. It is concluded that both influences distort psychoanalytic theory. Finally, the question of the real within psychoanalysis is considered and it is concluded that any adequate psychoanalytic account of development should be epigenetic taking into account the interplay between innate characteristics and environmental events.