Pharmaceutical compositions comprising an atypical antipsychotic as an active agent, process of preparation thereof and method of using the same are provided. Particularly the present invention relates to pharmaceutical compositions comprising lurasidone, process of preparation thereof and method to treat various psychotic disorders such as schizophrenia, positive and negative symptoms of schizophrenia, memory or learning dysfunctions caused by schizophrenia, senile dementia, attention deficit/hyperactivity disorder (ADHD), central nervous system (CNS) disorder responsive to modulation of glutamate levels, major depressive episodes associated with bipolar I disorder and other associated CNS disorders.
