Quality of life (QoL) in patients with schizophrenia has been a subject of growing interest in the last few years. Understanding the link between QoL and internalized stigma is important in enhancing the prospect of patient recovery. The present study aimed to investigate internalized stigma as a possible determinant of poor QoL. In the present cross-sectional study 106 patients diagnosed with schizophrenia completed a comprehensive battery of instruments assessing: internalized stigma, clinical symptoms, QoL, sociodemographic and clinical variables. Hierarchical regression analyses were performed to test the significance of internalized stigma as a predictor variable for subjective and objective QoL. Blockwise multiple regression analyses revealed that internalized stigma and excitement were significant predictors for the variability of subjective QoL and internalized stigma and experiential deficit were significant predictors of the variability objective QoL. Overall, these data reveal high levels of internalized stigma among patients with schizophrenia and suggest the incremental validity of internalized stigma as a predictor of QoL, indicating a possible point of intervention. The roles of experiential deficit and excitement in relation with QoL are also discussed.