Schizophrenia is a disabling and complex mental disorder that has a negative impact on the real-life functioning of people suffering from this disease, with a consequent huge burden on patients, on their families, and on the healthcare system. Despite the available interventions, only about 15% of subjects with schizophrenia meet the criteria for recovery. This might be due to the fact that available treatments do not satisfactorily target aspects that greatly influence schizophrenia functional outcome, such as negative symptoms and cognitive impairment. Despite the broad consensus on the definition of different negative symptom and cognitive function domains, these aspects are not always assessed in line with current conceptualization, and they are still poorly recognized and often neglected by physicians, family members/caregivers, and the patient himself/herself as they cause much less concern than other clinical features. In this chapter we focus on negative symptoms and cognitive impairment as the two most neglected schizophrenia dimensions in terms of assessment and treatment; we also provide an update of preclinical and clinical research and its relevance to clinical and research practice, and suggest future directions in the field.