Numerous studies have reported that time perception and temporal processing are impaired in schizophrenia. In a meta-analytical review, we differentiate between time perception (judgments of time intervals) and basic temporal processing (e.g., judgments of temporal order) as well as between effects on accuracy (deviation of estimates from the veridical value) and precision (variability of judgments). In a meta-regression approach, we also included the specific tasks and the different time interval ranges as covariates. We considered 68 publications of the past 65 years, and meta-analyzed data from 957 patients with schizophrenia and 1060 healthy control participants. Independent of tasks and interval durations, our results demonstrate that time perception and basic temporal processing are less precise (more variable) in patients (Hedges' g >1.00), whereas effects of schizophrenia on accuracy of time perception are rather small and task-dependent. Our review also shows that several aspects, e.g., potential influences of medication, have not yet been investigated in sufficient detail. In conclusion, the results are in accordance with theoretical assumptions and the notion of a more variable internal clock in patients with schizophrenia, but not with a strong effect of schizophrenia on clock speed. The impairment of temporal precision, however, may also be clock-unspecific as part of a general cognitive deficiency in schizophrenia.