Phantom breast syndrome (PBS) after mastectomy has been hypothesized to represent a complex psychological reaction to mastectomy, but psychological studies concerning PBS are few and inconclusive. This study aimed to assess possible correlations of PBS to current psychopathology and personality dimensions, as well as to examine subjectively experienced provoking and relieving factors for the experience of PBS. A total of 105 women who had undergone modified radical mastectomy were interviewed by a structured questionnaire after breast surgery. Moreover, they completed a set of self-administered psychometric scales consisting of Symptom Checklist-90-R, Eysenck personality questionnaire, Zung depression scale, State-Trait Anxiety Inventory and Whiteley Index of hypochondriasis. PBS was experienced by 24 women (22.9%). The majority of them thought that PBS did not interfere with their everyday life. Women with PBS scored significantly higher on the Zung depression scale. Multiple logistic regression analysis revealed that women aged more than 66 years were 82% less likely to have PBS compared to those aged less than 51 years. These findings provide evidence that PBS is associated with higher scores of depressive symptomatology and younger age. The nature of such an association remains unclear and calls for further investigation.