The increasing prevalence of mobile devices among patients of all demographic groups has the potential to transform the ways we diagnose, monitor, treat, and study mental illness. As new tools and technologies emerge, clinicians and researchers are confronted with an increasing array of options for clinical assessment, through digital capture of the essential behavioral elements of a condition, and intervention, through formalized treatments, coaching, and other technology-assisted means of patient communication. And yet, as with any new set of tools for assessment or treatment of a medical condition, establishing and adhering to reporting guidelines – i.e., what works and under what conditions – is an essential component to the translational research process. Here, we review the methodological strengths and weaknesses in the existing literature on schizophrenia smartphone and wearables utilizing the recently published World Health Organization mHealth Evaluation, Reporting and Assessment (mERA) guidelines for evaluating mobile health applications. While growing evidence supports the feasibility of using several mobile tools in severe mental illness, most studies to date failed to adequately report accessibility, interoperability, costs, scalability, replicability, data security, usability testing, or compliance with national guidelines or regulatory statutes. Future research efforts addressing these specific gaps in the literature will help advance our understanding and realize the clinical potential of these new tools of psychiatry.