This work presents and studies Riccati equations over finite-dimensional normed division algebras. We prove that a Riccati equation over a finite-dimensional normed division algebra A is a particular case of conformal Riccati equation on an Euclidean space and it can be considered as a curve in a Lie algebra of vector fields V so(dim A + 1, 1). Previous results on known types of Riccati equations are recovered from a new viewpoint. A new type of Riccati equations, the octonionic Riccati equations, are extended to the octonionic projective line OP 1 . As a new physical application, quaternionic Riccati equations are applied to study quaternionic Schrödinger equations on 1+1 dimensions.