Trichotillomania, defined as the compulsive pulling out of one's hair, is a psychocutaneous condition associated with functional impairment and decreased quality of life. The pathophysiology of trichotillomania is poorly understood and likely multifactorial, involving alterations in both neural activity and cognitive function. Behavioral treatment options for trichotillomania are limited and are often only modestly effective. Moreover, there are no medications currently approved by the U.S. Food and Drug Administration for its treatment. The gaps in knowledge regarding the neurological underpinnings and behavioral markers of trichotillomania and effective treatment options for it highlight the importance of ongoing research in this field. For this narrative review, PubMed was searched to identify articles related to trichotillomania published until July 2023. Recent advances in research on trichotillomania pathophysiology, diagnosis, clinical associations, and treatment are presented, with particular focus on how this condition uniquely spans the disciplines of both psychiatry and dermatology.