Schizophrenia is a serious mental disorder affecting more than 0.3% of the world's population. Most patients are diagnosed with the disorder after it has fully manifested, resulting in poor prognosis for them. The problem lies primarily at the fact that patients present with hallucinations, delusions and abnormal behavior at the time of diagnosis that may have been a result of distortions in thought, emotions and several other factors. However, psychosis, a relatively less severe condition, also has similar symptoms brought about due to impairment in emotions and thought. This aim of this review is therefore to evaluate the current pathophysiological hypotheses of Schizophrenia in an attempt to identify the key players as biomarkers for the disorder in current research. The dopamine hypothesis section primarily identifies the role of dopamine D2 receptor, while the glutamate hypothesis section identifies NMDA receptors, AMPA receptors, kainite receptors and mGluR receptors. The Kynurenic section identifies enzymes such as kynurenine formamidase and tryptophan 2,3-dioxygenase and the subsequent section identified the Kv3.1 and Kv3.2 high voltage activated potassium channels. The paper concludes with the assertion that most papers used for the hypotheses interchange the concepts of positive symptoms of schizophrenia with positive psychotic symptoms and significant progress in schizophrenia, the more severe mental disorder than psychosis, is achieved by a fundamental change in its definition and diagnosis.