Despite its subjectivity, pain has long been addressed primarily within a biomedical framework. This has had the result that the social and psychological aspects of pain have been ignored in both pain research and therapy. However, clinical practice has revealed certain phenomena such as placebo-induced hyperalgesia or hypoalgesia that cannot be explained solely by anatomical structures and physiological processes. The emergence of the “gate control” theory of pain and the development of the biopsychosocial approach provided a conceptual alternative and became the dominant paradigm, leading to the inclusion of cognitive and social factors influencing pain perception in research. This review examines the contributions of social, emotional, and cognitive components to the formation of the experience of pain, including in the clinical context. The analysis systematizes data supporting the need for a comprehensive (biopsychosocial) understanding of the development and modulation of pain. A holistic understanding of the nature of the perception and experience of pain, as well as the mechanisms underlying these processes, will allow the development of more effective non-drug pain management strategies, improve diagnostics, and personalize treatment taking account of patients’ individual psychological characteristics.