Cognitive impairments represent one of the core and most enduring symptoms of schizophrenia. They include deficits in working memory, attention, executive functioning, and social cognition, which significantly affect patients’ interpersonal relationships, occupational performance, and overall quality of life. Cognitive dysfunction is also a major determinant of prognosis and functional independence. Although antipsychotic medications are highly effective in reducing positive symptoms, they do not produce fully satisfactory results in improving cognitive abilities. In recent years, increasing attention has therefore been directed toward non-pharmacological treatment approaches, including interventions based on physical activity. The aim of this review article is to present and discuss the current scientific evidence on the effects of aerobic physical activity on cognitive functions in individuals diagnosed with schizophrenia. A comprehensive analysis was conducted of recent original studies, meta-analyses, and systematic reviews evaluating the effectiveness of aerobic exercise in improving various cognitive domains among patients with schizophrenia. Available evidence indicates a significant beneficial effect of aerobic exercise on attention, working memory, and social functioning. These improvements are likely mediated by enhanced neuroplasticity, increased hippocampal volume, and better cardiorespiratory fitness. The most pronounced effects are observed in patients at early stages of the disorder. Aerobic physical activity represents a promising, safe, and accessible adjunctive intervention for managing cognitive deficits in schizophrenia. Further well-designed, multicenter, and longitudinal studies are required to establish optimal training parameters and the durability of the observed effects.