Recent genetic linkage studies complement the existing evidence that implicates abnormalities in NMDA receptor-mediated neurotransmission in the pathophysiology of schizophrenia. At the same time, advances in our understanding of the complex mechanisms that modulate the function of NMDA receptors suggest several novel sites for pharmacological manipulation of these receptors. This presents exciting opportunities for rational rather than serendipitous discovery of therapeutics for schizophrenia.