This article reviews a frequently overlooked subject, the topic of schizophrenia in late life. By examining the available literature on schizophrenia in this particular population, we hope to provide clinicians with a better understanding of the distinguishing characteristics, course, and optimal treatments of this disease in elderly patients. The validity of the concept of symptom “burn out” is discussed and the cognitive changes seen in schizophrenia as patients age are examined. Similarities and differences between late-onset schizophrenia and early-onset schizophrenia in aging patients are compared. The similarities and differences between schizophrenia and dementia in the elderly are also discussed. Finally, treatments for the illness, including both typical and atypical antipsychotic treatments, as well as nonpharmacological intervention strategies, along with their advantages and disadvantages, are reviewed.