The medicinal chemistry of antipsychotic agents is reviewed in this chapter. The definition of schizophrenia is summarized in two categories, namely, symptom domains and pathology. An overview is given for antipsychotic medications including their clinical applications and side effects. This chapter also describes many animal models for schizophrenia. After an introduction of the FDA approved antipsychotic drugs, the structure–activity relationship, pharmacokinetics, biotransformation, and drug–drug interactions are discussed for both conventional and atypical antipsychotics in details. Finally, eight different strategies for drug discovery of antipsychotics are delineated.