Eureka! I pulled my hair out for 2 days trying to get this to work. Enlightenment came from this SO Question. Simply stated, you probably installed psycopg2 x64 version like I did, not realizing your python version was 32-bit. Unistall your current psycopg2, then:

Download: psycopg2-2.6.1.win32-py3.4-pg9.4.4-release.exe from HERE, then run the following in a Terminal:

C:\path\to\project> easy_install /path/to/psycopg2-2.6.1.win32-py3.4-pg9.4.4-release.exe
C:\path\to\project> python manage.py makemigrations
C:\path\to\project> python manage.py migrate

You may also need to (re)create super user with:

C:\path\to\project> python manage.py createsuperuser

Step 1: Install the dependencies

sudo apt-get install build-dep python-psycopg2

Step 2: Run this command in your virtualenv

pip install psycopg2-binary 

Ref: Fernando Munoz

Sounds like you're missing the libpq-dev package which will have the headers you need.

You can install 'psycopg2==2.7.5' using this command:

pip install psycopg2==2.7.5

psycopg2 2.7.5 is the last version that doesn't require building from source. Although it'll throw the following warning every time it is initialized in code:

UserWarning: The psycopg2 wheel package will be renamed from release 2.8; in order to keep installing from binary please use "pip install psycopg2-binary" instead. For details see: <http://initd.org/psycopg/docs/install.html#binary-install-from-pypi>.

So you can alternatively use pip install psycopg2-binary