In psychodynamic psychotherapy, there is now a broad consensus that the ongoing regulation of the therapeutic relationship is crucial for the success of treatment and is the core of any change. The authors share their experiences from therapeutic practice and examine the therapeutic relationship under four thematic focal points: the empirical investigation of the therapy process, the perspectives of significant theorists in this field, the identification of important dimensions of the therapeutic relationship such as wonder, longing, mindfulness, and understanding, as well as therapy experiences in different contexts. Insights from infant research, attachment theory, and mentalization expand and deepen the classical view of transference and countertransference.