This longitudinal study aimed at identifying predictors of community outcome from a broad range of neuropsychological, clinical psychopathologic, sociodemographic, and treatment related factors. N = 96 schizophrenia patients were assessed both at baseline during inpatient treatment and 1 year after discharge from hospital (follow-up). At follow-up functional outcome was measured by the Global Assessment of Functioning Scale (GAF) and the Social Adjustment Scale II (SAS II). Data were analyzed in an explorative way by means of multiple linear regression analyses. Three out of the five functional outcome measures were predicted by the negative syndrome and measures of cognitive functioning. However, the positive syndrome also consistently predicted psychosocial functioning. Altogether, the regression models explained between 20% and 35% of the variance in our outcome measures. The findings not only reemphasize that negative symptoms and cognitive dysfunctions are key determinants of community outcome but also point to a potential predictive relevance of positive symptoms.