While there is not enough high quality research to determine whether homeopathy has a specifc effect on depression, there are many published cases of people whose depression was greatly improved on homeopathic treatments. Since they are not compared with a control group, we can’t be sure that the improvement was just due to placebo or their positive relationship with the homeopathic practitioner. There are no serious side-effects to homeopathic treatment for depression, and it is almost surely better than no treatment.

Research

Pilkington, K. Homeopathy for depression: a systematic review of the
research evidence. Homeopathy, 94 (3), pp. 153-163, July 2005.

After a comprehensive review of medical databases, found no controlled trials with sufficient statistical power. Most of the research is in the form of observational studies without a control group. These studies uniformly report high levels of effectiveness, but it cannot be known if this is due to the specific treatment.