© 2021 Elsevier España, S.L.U. and Sociedad Española de Psiquiatría y Sociedad Española de Psiquiatría Biológica Introduction: Patients that achieve clinical remission after a first episode of psychosis (FEP) present fewer relapses, lower consumption of health care resources and a better quality of life even twenty years later. This study aimed to determine the variables related to remission on a multicenter cohort of Spanish patients and its repercussions in functional outcomes. Methods: 244 FEP patients aged 7–35 years were included in this longitudinal prospective follow-up study. Remission was defined according to the Remission in Schizophrenia Working Group criteria. Demographic, premorbid, clinic, and functionality data were assessed at baseline and in four visits throughout two-years. Results: 162 subjects (66.4%) met remission criteria. These subjects were characterized by being older and earlier responders, they presented better premorbid adjustment, more insight, better functional outcome, and lower negative symptomatology in comparison to non-remitted. Discussion: Although remission rates and predictors described in the literature are very heterogeneous, the remission rate in our sample was similar to those previously reported. Early response to the treatment, level of insight, and negative symptoms severity were significant predictors of remission. Baseline and two-years follow-up functionality were significantly better in subjects in remission as well. Proposed remission criteria have an adequate discriminatory capacity for functional and symptomatic outcomes in this FEP sample framed in the PEPs Project.