A detailed review was published in 2004 on the therapeutic properties of the medications used in the treatment of bipolar disorders (Tamayo, JM et al. Actas Esp Psiquiatr 2004;32(Supl. 1):3-17). At the time it could be concluded that although mood stabilizers (euthymics) share some action mechanisms, they are also significantly different from each other with respect to their therapeutic properties in the various phases of bipolar disorders. This led to a proposed change in their generic classification as “mood stabilizers” to a new classification that includes: antimanic medications, partial mood stabilizers, and euthymics. Since then, several randomized, double-blind studies and meta-analyses that explore the effectiveness and tolerability of these medications have been published. This updated review aims to assess the validity of the proposed classification in the light of new evidence.