Let R(z, w) be a rational function of w with meromorphic coefficients. It is shown that if the Schwarzian equation possesses an admissible solution, then , where αj, are distinct complex constants. In particular, when R(z, w) is independent of z, it is shown that if (*) possesses an admissible solution w(z), then by some Möbius transformation u = (aw + b) / (cw + d) (ad – bc ≠ 0), the equation can be reduced to one of the following forms: where τj (j = 1, … 4) are distinct constants, and σj (j = 1, … 4) are constants, not necessarily distinct.