In the largest cross-disorder GWAS meta-analysis of neuropsychiatric disorders to date, comprising more than 725,000 cases and controls across eight disorders, we identified 146 LD-independent lead SNPs associated with at least one disorder, including 35 novel loci. Of these, 109 loci were found to affect two or more disorders, although characterization of this pleiotropy is partly dependent on per-disorder sample size. Our results provide five major insights into the shared genetic basis of psychiatric disorders.