Schroder debuted in the 1979 remake of the movie The Champ. In the following year, he made a Walt Disney feature film called The Last Flight Of Noah's Ark with Elliott Gould. Although Schroder's performance is generally recognised as good, the film bombed at the box office. He became well-known as the star of the television series Silver Spoons. As he grew older, he struggled to become known as a serious actor. He changed his name credit from Ricky to Rick and preferred to take roles which helped him to stretch as an actor.

Schroder's co-starring role in the Western mini-series Lonesome Dove and its sequel, Return to Lonesome Dove, helped Schroder's attempt at maturity. Still, it came as a surprise to much of the public when it was announced that he had been chosen to act in the series NYPD Blue, notorious for its partial nude scenes.

Schroder only acted in NYPD Blue for three years, preferring to leave Hollywood with his family to live full-time on the family's ranch in Colorado, which he put on the market for $29,000,000, and has apparently sold. He commutes to the set of Strong Medicine, whose cast he joined for a two-year contract starting in 2005, and has appeared in films even as he built a log cabin on his ranch. Schroder also appeared in several episodes of the second season of the comedy show Scrubs.

In 2004, Rick directed and starred in the music video for "Whiskey Lullaby", the song by Brad Paisley. This music video won an award.

He has since moved to Scottsdale, Arizona, where he resides with his wife, Andrea, and their four children, but is planning to purchase yet more real estate in a secluded area north of Los Angeles, according to news reports. He may also open a chicken farm some time in 2006.

Schroder is a convert to The Church of Jesus Christ of Latter-day Saints (members of which are also known as Mormons).

Rick Schroder made an appearance on stage at the 2000 Republican National Convention, endorsing Presidential candidate George W. Bush. He is a member of the National Rifle Association.