Video games constitute an important part of contemporary entertainment media and also the testing ground for complex and engaging experiences mediated by digital technologies. The psychological research on video games has highlighted some well-known risks for mental health (e.g., imitation of violent behavior and addiction), which are often misunderstood by the public opinion. Additionally, both classic and recent research have identified and tested ways to use video games to support psychotherapy, psychological assessment, and quality of life promotion. The present contribution briefly reviews some of these topics, in order to give a general overview of risks and opportunities for mental health associated with video games playing.