Abstract Depression remains one of the most common and debilitating neuropsychiatric conditions, with little consistency in treatment efficacy. Some of the lack of success in developing effective treatments has been the absence of a reliable biomarker of depression, despite many attempts. One such potential biomarker is the electrical activity of the brain that occurs in the gamma band (30–200 Hz). To evaluate the state of research into gamma as a biomarker of depression, a review of recent research literature was conducted. A total of 31 relevant papers was identified, 22 of which used resting-state studies, and nine included a stimulus-task. These studies were examined here in terms of their definition of gamma, sample sizes, research focus, brain region examined, and EEG methodologies used. Due to the range of methodologies, some inconsistent results emerged but several valuable findings remained, including that depressed patients usually had higher gamma power than their healthy controls (HC), that the imposition of a perceptual task into the research protocol also introduced a strong element of confound to the results, and that studies that sought to evaluate the role of gamma in treatment were yet to be established as reliable. Key issues for future research are discussed, and the potential for gamma as a biomarker of depression is evaluated as emerging.