Schizophrenia affects 1% of the world population and is associated with a reduction in life expectancy of 20 years. The increasing prevalence of both consumer technology and clinical-grade wearable technology offers new metrics to guide clinical decision-making remotely and in real time. Herein, recent literature is reviewed to determine the potential utility of wearables in schizophrenia, including their utility in diagnosis, first-episode psychosis, and relapse prevention and their acceptability to patients. Several studies have further confirmed the validity of various devices in their ability to track sleep—an especially useful metric in schizophrenia, as sleep disturbances may be predictive of disease onset or the acute worsening of psychotic symptoms. Through machine learning, wearable-obtained heart rate and motor activity were used to differentiate between controls and patients with schizophrenia. Wearables can capture the autonomic dysregulation that has been detected when patients are actively experiencing paranoia, hallucinations, or delusions. Multiple platforms are currently being researched, such as Health Outcomes Through Positive Engagement and Self-Empowerment, Mobile Therapeutic Attention for Treatment-Resistant Schizophrenia, and Sleepsight, that may ultimately link patient data to clinicians. The future is bright for wearables in schizophrenia, as the recent literature exemplifies their potential to offer real-time insights to guide diagnosis and management.