The deep structure and formation of the North Caspian (Precaspian) depression have not been fully understood due to the scarcity of depth studies at 18–22 km. The existing concepts and hypotheses are clearly insufficient to interpret the unexplained facts. New approaches and research efforts are necessary to solve the old problems. The current state of the depression deep structure problems is reviewed, and the existing explanation flaws are demonstrated. The depression consolidated crust has oceanic and riftogenic origin as it has been suggested by the author before.