The field of non-invasive brain stimulation has developed considerably over the past few decades with transcranial magnetic stimulation (TMS) emerging as an effective treatment to reduce the burden of depression for patients, families, and society. As scientists and clinicians explore new avenues to optimize TMS, sustain its therapeutic effects, and democratize its access, it is important that individuals involved with this therapy are well-informed of its benefits, risks, and the ethical considerations of its use. In recent years, there have been several important advancements in hardware, software, and protocols that have made it easier to provide TMS to patients suffering from major depressive disorder (MDD). Despite this, there continue to be considerable disparities in access to TMS that create inequities and limit this important therapy. This chapter discusses the ethical considerations of using TMS as treatment for mood disorders, specifically from the two main perspectives of its effects on personhood and its equitable and just accessibility. To this end, this chapter first addresses how development and experience induce plastic changes to individual’s brain, how mood disorders affect neuroplasticity, and consideration of the influence of TMS on the pathophysiology that changes the personhood of patients receiving this therapy. The second half of the chapter focuses on ethical considerations of not treating psychiatric disorders, disparities of access to TMS treatment, and solutions to these inequities.