Background: The present study focuses upon studying the level of depression, anxiety and life satisfaction in acute and chronic schizophrenics. Schizophrenia is known to be a heterogeneous disorder characterized by positive symptoms, negative symptoms, disorganized state and cognitive deficits. Acute schizophrenia is a disorder consisting of various degrees of psychosis, characterized by the sudden onset of personality disorganization Methods: Thirty acute and thirty chronic schizophrenic patients were taken within the age range of 18 to 55 years of male sex only. A self developed socio-demographic and clinical data sheet was used to assess the socio-demographic correlates. The Beck Depression Inventory (BDI), the Hindi Version of Cattell's Self Analysis Form or IPAT Anxiety Scale Questionnaire (A.S.Q) and the Life Satisfaction Scale were used to assess the levels of depression, anxiety and life satisfaction respectively. Results: Significant differences were found between Acute and Chronic Schizophrenics in depression which was due to the four factors: Sense of Failure, Crying Spells, Social Withdrawal, and in Work Inhibition. No significant differences were found in anxiety (both covert and overt). On Life satisfaction, in the acute and chronic schizophrenia groups, the level of life satisfaction is more among the acute schizophrenia group in comparison to chronic schizophrenia group. Conclusion: The acute schizophrenia group appears to be having relatively higher level of depression than as compared to the chronic group. But at the same time the acute group seems to have better life satisfaction than the chronic schizophrenia group.