Objective The aim of the current study was to examine levels of well-being and productivity and the interrelationships between them in community-dwelling patients with schizophrenia who use atypical antipsychotic medications. Methods A mixed methodology (online and paper surveys) was implemented to recruit patients in the USA over the age of 18 years who were diagnosed with schizophrenia by a healthcare professional and who were able to read and write English. Patients who were currently being treated with an atypical medication and provided well-being data (n = 745) were included in the analyses. Logistic and negative binomial regressions were used to determine the effect of well-being on productivity and resource use. Key findings Almost two-thirds of patients taking atypical antipsychotics reported low levels of well-being (63%). After controlling for demographic and patient characteristics, patients with low levels of well-being were significantly less likely to be employed and productive than patients with moderate or high levels of well-being (P < 0.05). Similarly, patients with low levels of well-being were significantly more likely to be hospitalized or visit the emergency room relative to patients with high levels of well-being (P < 0.05). Conclusions The results suggest that there may be an unmet need among patients with schizophrenia who use atypical antipsychotic medications. Overall levels of well-being were low in these community-dwelling patients. Further, low levels of well-being were found to be significantly related to worse productivity and, to a certain extent, additional resource use, after controlling for a variety of confounding variables. Although additional research is necessary, improved disease management and use of innovative antipsychotic medications, such as long-acting injectables, may benefit these patients by improving well-being, productivity and resource use.