Several lines of evidence suggest a role for norepinephrine (NE) in the pathophysiology of schizophrenia, and in pharmacological interventions. In the present paper, we review recent findings about the locus coeruleus-norepinephrine (LC-NE) system and its involvement in brain function and cognition to give a more integrated account of the possible role of NE in schizophrenia. First, we review the functional and structural properties of the LC-NE system and its impact on functional brain networks, cognition, stress, and neurodevelopment, with special emphasis on recent experimental and theoretical advances. Subsequently, we present an update about the role of these properties for the pathophysiology of schizophrenia, focusing on the cognitive and motivational deficits observed in schizophrenia. Finally, we suggest how recent development of experimental approaches can be used to characterize LC function in schizophrenia.