Objective: Reviewing the available literature regarding prognosis for first psychotic episode for developing schizophrenia. Method: A systematic review of studies which have evaluated prognostic determinants for the first psychotic episode and its relationship to schizophrenia was made. Results: 161 articles were reviewed which fulfilled the search criteria and which were adjusted to the purpose of the study. Conclusions: Duration of untreated psychosis (DUP), pre-morbid functioning level, the presence or predominance of negative symptoms, co-morbid consumption of psychoactive substances and psychosocial state were the most influential characteristics for developing schizophrenia in patients presenting a first psychotic episode.