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Working memory (WM) deficits have been widely documented in schizophrenia (SZ), and almost all existing studies attributed the deficits to decreased capacity as compared to healthy control (HC) subjects. Recent developments in WM research suggest that other components, such as precision, also mediate behavioral performance. It remains unclear how different WM components jointly contribute to deficits in schizophrenia. We measured the performance of 60 SZ (31 females) and 61 HC (29 females) in a classical delay-estimation visual working memory (VWM) task and evaluated several influential computational models proposed in basic science of VWM to disentangle the effect of various memory components. We show that the model assuming variable precision (VP) across items and trials is the best model to explain the performance of both groups. According to the VP model, SZ exhibited abnormally larger variability of allocating memory resources rather than resources or capacity per se. Finally, individual differences in the resource allocation variability predicted variation of symptom severity in PSZ, highlighting its functional relevance to schizophrenic pathology. This finding was further verified using distinct visual features and subject cohorts. These results provide an alternative view instead of the widely accepted decreased-capacity theory and highlight the key role of elevated resource allocation variability in generating atypical VWM behavior in schizophrenia. Our findings also shed new light on the utility of Bayesian observer models to characterize mechanisms of mental deficits in clinical neuroscience. Author summary: Working memory is a core cognitive function related to a broad range of cognitive domains such as problem-solving, attention, executive control, and IQ. Although working memory deficits have been well-documented in schizophrenia, the underlying mechanisms remain unclear. Conventional working memory theories attribute working memory deficits in schizophrenia to their reduced memory capacity, overlooking the potential roles of other memory components, such as precision. In this study, we take the approach of computational psychiatry and use computational modeling to uncover the major determinants of working memory deficits. We assess working memory performance of a large cohort of participants (60 schizophrenia patients and 61 demographic matched healthy controls) and evaluate multiple mainstream computational models of visual working memory. The variable precision model turns out to be the best model for both groups. We further find that the poorer performance of schizophrenia patients arises from heterogeneous distribution of memory resources when encoding items in memory. This resource allocation variability can also predict symptom severity in schizophrenia. Our study highlights the use of computational models in psychiatric researches. [ABSTRACT FROM AUTHOR]