There have been considerable technological advancements as applied to virtual reality, augmented reality, and mixed reality (collectively referred to as extended reality [XR]). Indeed, individuals can readily interact with the “metaverse” using multiple tools for several reasons—one of which is mental healthcare. Given the increasing demand for mental healthcare services and the widespread availability of XR technologies to consumers, this article discusses the promises and pitfalls of using XR technologies to provide evidence-based mental healthcare. Future directions for research are identified that highlight the potential of using XR technologies to deliver therapeutic interventions within the metaverse to increase the accessibility, effectiveness, and implementation of evidence-based mental healthcare.