Schizophrenia is a serious mental illness affecting 1-2% of the United States (US) population, impairing cognition, social function, and quality of life while increasing the risk of early death. It involves positive symptoms (hallucinations, delusions), negative symptoms (lack of motivation, reduced speech), and cognitive deficits, typically emerging in adolescence or early adulthood. Early diagnosis and timely treatment remain key to improving outcomes and long-term recovery. Standard antipsychotics target dopamine and serotonin receptors but provide limited relief for negative and cognitive symptoms. Newer and emerging treatments, however, like muscarinic acetylcholine receptor modulators, offer a promising alternative. They include KarXT (Xanomeline-Trospium), which was FDA-approved in September 2024, as well as emraclidine and NBI-1117568, which are in late-stage trials. These therapies shift treatment away from dopamine blockade toward muscarinic receptor activation, potentially addressing more symptoms. As these innovations become available in clinical practice, psychiatry and mental health professionals must stay informed about their mechanisms of action, clinical data, and best use in patient care.