Schizophrenia (SZ) is a serious, destructive neurodevelopmental disorder. Antipsychotic medications are the primary therapy approach for this illness, but it's important to pay attention to the adverse effects as well. Clinical studies for SZ are currently in phase ΙΙΙ for SEP‐363856 (SEP‐856)‐a new antipsychotic that doesn't work on dopamine D2 receptors. However, the underlying action mechanism of SEP‐856 remains unknown. This study aimed to evaluate the impact and underlying mechanisms of SEP‐856 on SZ‐like behavior in a perinatal MK‐801 treatment combined with social isolation from the weaning to adulthood model (MK‐SI). First, we created an animal model that resembles SZ that combines the perinatal MK‐801 with social isolation from weaning to adulthood. Then, different classical behavioral tests were used to evaluate the antipsychotic properties of SEP‐856. The levels of proinflammatory cytokines (tumor necrosis factor‐α, interleukin‐6, and interleukin‐1β), apoptosis‐related genes (Bax and Bcl‐2), and synaptic plasticity‐related genes (brain‐derived neurotrophic factor [BDNF] and PSD‐95) in the hippocampus were analyzed by quantitative real‐time PCR. Hematoxylin and eosin staining were used to observe the morphology of neurons in the hippocampal DG subregions. Western blot was performed to detect the protein expression levels of BDNF, PSD‐95, Bax, Bcl‐2, PI3K, p‐PI3K, AKT, p‐AKT, GSK‐3β, p‐GSK‐3β in the hippocampus. MK‐SI neurodevelopmental disease model studies have shown that compared with sham group, MK‐SI group exhibit higher levels of autonomic activity, stereotyped behaviors, withdrawal from social interactions, dysregulated sensorimotor gating, and impaired recognition and spatial memory. These findings imply that the MK‐SI model can mimic symptoms similar to those of SZ. Compared with the MK‐SI model, high doses of SEP‐856 all significantly reduced increased activity, improved social interaction, reduced stereotyping behavior, reversed sensorimotor gating dysregulation, and improved recognition memory and spatial memory impairment in MK‐SI mice. In addition, SEP‐856 can reduce the release of proinflammatory factors in the MK‐SI model, promote the expression of BDNF and PSD‐95 in the hippocampus, correct the Bax/Bcl‐2 imbalance, turn on the PI3K/AKT/GSK‐3β signaling pathway, and ultimately help the MK‐SI mice's behavioral abnormalities. SEP‐856 may play an antipsychotic role in MK‐SI “dual‐hit” model‐induced SZ‐like behavior mice by promoting synaptic plasticity recovery, decreasing death of hippocampal neurons, lowering the production of pro‐inflammatory substances in the hippocampal region, and subsequently initiating the PI3K/AKT/GSK‐3β signaling cascade.