The aim of this paper is to construct a critical evaluation of the advantages and disadvantages of the physicalistic theory concerning mental phenomena and consciousness. Physicalism can, better than other theories, explain mental phenomena, such as intentionality and reasonability of human beings and other biological organisms. Modern neuroscience corroborates the conviction that the brain is a physical mind capable of giving meaning to, evaluating and further cognitively and behaviorally transforming complex aspects of the world. On the other hand, the emergence of consciousness from brain states seems to be a paradoxical, intransparent, physical coincidence hardly explained by the mental function of the brain at the physical level. Moreover, the intentionality and reasonability of psychic phenomena per se cannot be explained as a repercussion of the same attributes characterizing the brain function. In conclusion, the old debate between physicalism and other philosophical theories remains open. It can be expected that the progress of sciences will inspire novel approaches to the problem of the relations between matter, mind and consciousness.