This study involved 18 patients who received object relations therapy—an analytic therapy based on transference and potential space—after having been diagnosed with major depressive disorder via the clinician version of the Structured Clinical Interview for DSM-IV (First, Spitzer, Gibbon, & Williams, 1996). In-depth interviews were carried out to the point of saturation, after which the experiences of the patients were used as the basis for establishing an independent substantive theory. The findings were categorized into the following themes: context of therapy, barriers to therapy, facilitators of therapy, analytical dyad formation, the development of self-awareness and self-expression, and the realized self. Analyzing patients’ experiences with therapy can play an important role in filling the conceptual gaps of object relations therapy and in identifying its therapeutic effects, which can expand its applicability to other disorders.