Bipolar disorder is a psychological illness that is directly associated to suicide and is marked by episodes of manic or hypomanic periods and depressed. Suicidal conduct in people with bipolar illness has a highly complicated pathophysiological basis and closely related to psychosocial factors, genes, environment, etc. This article examines the influencing factors of physiology and psychology and the common psychotherapeutic approaches used to treat bipolar disorder, comprising psycho-educational interventions, interpersonal and social rhythm therapy, and family therapy, and cognitive behavioral therapy. The present urges people with bipolar disorder require psychosocial counseling in addition to pharmacological therapy. Several bipolar illness therapies have both advantages and disadvantages, which are currently debatable, and it is challenging to come to reliable conclusions from pertinent research. There is still a need for further future evidence-based medical research to support drug and psychotherapy treatments for bipolar disorder. Large sample studies in natural scenarios may be one of the future research directions.