Lurasidone hydrochloride is an antipsychotic of a newer generation that shows the property of extremely low solubility in an aqueous medium. This results in a delayed pharmacological effect and insufficient efficacy in the treatment of mental illnesses. In order to increase its solubility, solid dispersions of drug were prepared in a matrix of hydrophilic polymer, poly(ethylene glycol), by the solvent evaporation method. The obtained solid dispersions were characterized by X-ray powder diffraction, Fourier-transform infrared spectroscopy and differential scanning calorimetry. Prepared solid dispersions were used in the preparation of orally disintegrating tablets. Mannitol, microcrystalline cellulose, croscarmellose sodium, poly(ethylene glycol) and magnesium stearate were used as excipients. Characterization of disintegrating tablets involved testing their hardness, disintegration and the content of lurasidone hydrochloride. Drug solubility and its release profiles from disintegrating tablets were detected as well using in vitro dissolution tests. The obtained tablets have satisfactory properties because they have hardness and disintegration in accordance with the recommendations of the European Pharmacopoeia and can be classified as disintegrating tablets for oral administration. In vitro release profiles in the presence of McIlvaine buffer (pH = 3.8) indicate a significant improvement in the solubility and release rate of drug from disintegrating tablets prepared from solid dispersions in comparison to those containing pure LRS HCl and physical mixtures of drug and polymer. The applicability of mathematical models was tested to describe release profiles for lurasidone hydrochloride.