Standard univariate analyses of brain imaging data have revealed a host of structural and functional brain alterations in schizophrenia. However, these analyses typically involve examining each voxel separately and making inferences at group-level, thus limiting clinical translation of their findings. Taking into account the fact that brain alterations in schizophrenia expand over a widely distributed network of brain regions, univariate analysis methods may not be the most suited choice for imaging data analysis. To address these limitations, the neuroimaging community has turned to machine learning methods both because of their ability to examine voxels jointly and their potential for making inferences at a single-subject level. This article provides a critical overview of the current and foreseeable applications of machine learning, in identifying imaging-based biomarkers that could be used for the diagnosis, early detection and treatment response of schizophrenia, and could, thus, be of high clinical relevance. We discuss promising future research directions and the main difficulties facing machine learning researchers as far as their potential translation into clinical practice is concerned.