Whether ‘full’ recovery from psychosis, including schizophrenia, is possible, depends on the definition of the latter. A biological predisposition for schizophrenia is thought to exist in many patients with schizophrenia, which cannot be cured. Mutations in certain genes can make it more likely that an individual will suffer from schizophrenia during his or her lifetime. However, at the same time, a predisposition does not mean that a person actually has to have the symptoms. Aside from biological factors, psychological and environmental factors play a large role. Full recovery from the symptoms is possible but may require medical treatment over many years or even lifelong. In some cases, a partial remission at least allows a relatively normal life.
You may want to look at some more detailed articles and books on psychosis and schizophrenia on this website:
The National Alliance on Mental Illness has an informative webpage on schizophrenia. On the site you will also find an introduction on the topic:
Medical News Today contains another article on psychosis.
The biological predisposition for schizophrenia often means that higher sensitivity to stress and emotional conflicts remains, which can trigger psychotic symptoms. For this reason, psychotherapy and lifestyle changes can be important elements of a treatment plan to maintain full or partial remission.
First-line psychopharmacological treatment is to use an antipsychotic (neuroleptic), which works against the psychotic symptoms via various dopamine neurotransmitter systems in the brain.
Psychotherapy can be beneficial. It can reduce the potency of triggers and help to cope with the symptoms. While medication frequently remains needed longer-term, psychotherapy can help reduce it over time in some cases. Information on a more CBT leaning approach can be found here. Cognitive-Behavioral Therapy (CBT) for psychotic disorders has been described in several psychiatric publications, such as in this article. Psychotherapy should also focus on early readjustment to everyday activities.