Schizophrenia is a serious mental illness and clinical diagnosis over the past century had been based on recognition of a certain pattern of thinking, perception and behavior. Although mostly people accept that the disease is a complex phenotypic presentation with a strong hereditary predisposition, the exact pathophysiology of schizophrenia has not been clearly elucidated. Rapid advancements in genomics, epigenomics, transcriptomics, proteomics and lipidomics had been made in the search for molecular biomarkers in schizophrenia which could potentially aid clinicians in understanding and subtyping psychosis. It could assist in diagnosis and selection of appropriate antipsychotic therapy, it also provides early indicators of clinical response. In this review, we discuss relevant literature with regards to these advancements, their challenges and their potential clinical impact.