This comprehensive review, published in the Journal of Psychoactive Drugs, encapsulates a decade of research on Ketamine Psychedelic Therapy (KPT). The study delves into the use of ketamine, typically an anesthetic drug, in subanesthetic doses to induce profound psychedelic experiences. The research primarily focuses on its application in treating alcoholism. A controlled clinical trial indicated a significant improvement in treating alcoholism using KPT, with 65.8% of patients achieving over one year of total abstinence, a substantial increase compared to the conventional treatment group. The study also explores the psychological mechanisms underlying KPT, revealing positive transformations in personality profiles, self-concept, emotional attitudes, life values, and spiritual development, all favoring sober living. Furthermore, the research highlights the biochemical and neurophysiological impacts of KPT, such as alterations in neurotransmitter metabolism and increased theta activity in the brain, providing insightful data into the complex interplay between pharmacological action and therapeutic efficacy.