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Schizophrenia is a leading medical cause of functional disability worldwide. Negative symptoms (i.e., blunted affect, alogia, anhedonia, avolition, asociality) are the strongest predictor of poor functional outcomes in schizophrenia. Unfortunately, psychosocial and pharmacological interventions for negative symptoms have yielded minimal benefits and they remain a critical unmet therapeutic need. The current presentation reviews literature on the phenomenology of negative symptoms, defining each of the 5 NIMH consensus domains and their overarching structure which does not fully adhere to what is currently included in the DSM-5. Modern assessments relevant for clinical practice are reviewed and contrasted to earlier tools that had conceptual and psychometric limitations. Mechanisms of negative symptoms are reviewed at the neurobiological and psychological levels. Historical progress in treatment is reviewed and promising new directions are discussed that target putative mechanisms.