Milton H. Erickson's approach to hypnosis and psychotherapy has established itself as a therapeutic paradigm in recent years. As its popularity grows, however, myths and misconceptions about his approach have also emerged. Some of them claim falsely that Erickson's therapy consists of nothing more than a set of quick, symptom-management formulae. To understand Erickson's hypnotic psychotherapy in a proper context, a systematic review is warranted. In this article I have examined, from a cognitive-psychological perspective, four of the major characteristics of therapeutic change underlying Erickson's work: (a) self-efficacy, (b) spontaneous compliance, (c) cognitive/experiential reorganization, and (d) global distribution of information. Drawing on Erickson's original writing, this paper integrates his published cases into an existing theoretical and empirical framework. Clinical implications are also discussed.