Background: Schizophrenia is associated with high rates of global, social and occupational functional impairments. While prior meta-analyses have extensively examined the impact of exercise on physical and mental health, the impacts on functioning in schizophrenia have yet to be fully established. Objectives: To update the evidence base regarding the impact of exercise on functioning in schizophrenia, and to explore moderators of effect. Methods: A systematic search was conducted to identify randomised controlled trials of exercise evaluating global functioning versus any comparator in people with schizophrenia: between-group meta-analyses of global functioning (and secondary – social, living skills, occupational, adverse events) were computed using a random effects model. Subgroup analyses based on diagnosis and aspects of the intervention were conducted. Findings: Full-text articles (18) were included, involving 734 participants. A moderate impact of exercise on global functioning was found (g= 0.40, 95% confidence interval [CI] = [0.12, 0.69], p = 0.006), with a moderate impact of exercise on social (N = 5 [g = 0.54, 95% CI = [0.16, 0.9], p = 0.005]), and daily living functioning (N = 3 [g = 0.65, 95% CI = [0.07, 1.22], p = 0.005]).Conclusion: Good evidence supports that exercise can improve the global functioning of people with schizophrenia, with preliminary evidence for social and daily living skills; exercise should be considered an important adjunct to usual care. Higher impacts on global functioning were seen in aerobic interventions of at least moderate to vigorous intensity. More research is required into resistance training, in early psychosis cohorts and to evaluate the comparison of exercise with other established psychosocial therapies.