Art therapy and alchemy are two disciplines aimed to use materials to transform the human psyche. Although Carl Gustav Jung (1968) established interconnection between alchemy and psychotherapy, it appears there is no direct exploration of the transformation process of art supplies into artwork used in art therapy and the transformation of metals in alchemy. This theoretical study explores the definition of alchemy within the hermetic philosophy, followed by an examination of the art therapy literature written by Shaun McNiff, Bruce Moon, and Pat Allen. A literature review about the goals of the alchemist, the art therapist and the client, their individual qualities, their approach to materials, the manner in which they relate to their process of transformation and to its end product inform this research paper. The analysis of the data revealed multiple differences and similarities between the alchemical process and the art therapy process. The role of the alchemist seems to be more appropriately related to the roles of art therapist and client when these last two are considered as a dyad.