Precision medicine offers new opportunities to improve mental health but also raises ethical tensions and challenges. The lack of an established ethics framework is one of the core barriers that impede the realization of predictive, preventive, personalized and participatory psychiatry in an ethically acceptable manner that optimizes benefits and minimizes harms. In this context, the European Brain Research Area (EBRA) cluster in Prevention of Severe Mental Disorders (PSMD), coordinated by Prof. Paolo Fusar-Poli and Prof. Ole A. Andreassen, undertook the important initiative of organizing a two-day workshop on the ethics of precision psychiatry (23 and 24 February 2021). The workshop involved key leaders from different professional backgrounds (day 1) and stakeholders (including individuals with lived experiences, day 2) and gathered consensus on a core blueprint to advance ethics of precision psychiatry. The output of this workshop will consist of a white paper presenting a critical review of the evidence and practical recommendations to manage ethical barriers to precision and preventive psychiatry.