I wouldn't agree with either of the posts above. My now ex-boyfriend has schizophrenia, we were together for 2 years while he was suffering from symptoms untreated. I can tell you from experience that it can be difficult to relate to someone you love so much, but can't understand all the time.
Medication is REALLY important, but you shouldn't nag him about it. In my experience it was really important not to baby him, he's still a person, wouldn't it annoy you to be constantly reminded of things you do every day? If you're worried he's not taking his medicine you can ask about it, like how he feels when he takes it, or how it works.
Counseling is crucial. The downfall of our relationship was that he was putting me in the position of a psychiatrist, when you should leave that to the professionals. Not that you can't discuss how he's feeling or what hallucinations he has, but it is NOT up to you to fix anything.
Have allies. Become close friends with the people in his life that support him, such as parents, siblings, and doctors. If you're having a difficult time dealing with how his condition affects your relationship, talk to these people about what you can do.
Don't put it on yourself. It's easy to become a martyr and want to only care for him, especially if his paranoia becomes focused on protecting you.
I don't think you're in jeopardy at all, when it really comes down to it, he's still just a boy who likes you a whole lot and wants to be with you and make you happy.
Just find a way to be able to talk about your concerns and be patient when you can't understand each other.
Hope it works out!