Objectives: The aim of this study was to describe the socio-demographic and clinical variables, identify the determinants of length of stay and estimate the cost of inpatient treatment of schizophrenia in Minas Gerais, Brazil. Methods: A non-concurrent cohort was conducted in three psychiatric hospitals of Minas Gerais, Brazil. The data was collected from patients' records in loco. The association between dependent and independent variables was evaluated via linear regression. The costs were calculated through an absorption costing method. Results: 1,928 patients that met the inclusion criteria were identified. Most patients were male, had no life partner, studied no more than the middle school, had no occupation and lived in the city of hospital assistance. Haloperidol was the most prescribed antipsychotic drug. Risperidone was the most used second-generation antipsychotic, followed by olanzapine. Average length of stay was 30.3 days (SD = 37.5 days) and the median was 20 days. Female patients, living in cities other than the hospital's, with involuntary or mandatory hospitalizations and in use of a second-generation antipsychotic (SGA) and a first-generation antipsychotic (FGA) were associated to a longer length of stay. Average cost of hospitalization was R$ 11,713.07 (US$ 5,300.03) per hospitalization. Our results were corroborated by literature data. Conclusion: We found that most schizophrenic inpatients were male, single, had a low educational level and no occupational activity. The longer length of stay was associated to the socio-demographic and clinical variables, sex, place of residence, willingness to hospitalization of the patient and antipsychotic use.