Apply self-adhesive drywall tape along the seam between the uneven sheets of drywall. If the sheets are extremely uneven, use extra tape so that the gap is bridged completely.
Apply the first layer of joint compound over the tape with a drywall knife. Work with thin coats of compound. Do not try to build up the depression with one coat. It will not dry properly. Smooth on the first layer of compound about a fourth-inch thick. Scrape off the excess with the edge of your knife. Let this set until hard.
Apply additional layers of joint compound until the sheets are even. Each time, spread on a fourth-inch-thick coat, and wait for it to set before adding more.
Place a level over the sheets to confirm that they are now even. If it does not read level, add more compound until you get a level reading.
Sand the area smooth with a fine-grit sanding block. Remove any ridges or knife marks left behind. The entire surface should feel smooth to the touch.