We analyze the extension of the well known relation between Brownian motion and the Schrödinger equation to the family of the Lévy processes. We consider a Lévy–Schrödinger equation where the usual kinetic energy operator–the Laplacian–is generalized by means of a selfadjoint, pseudodifferential operator whose symbol is the logarithmic characteristic of an infinitely divisible law. The Lévy–Khintchin formula shows then how to write down this operator in an integro-differential form. When the underlying Lévy process is stable we recover as a particular case the fractional Schrödinger equation. A few examples are finally given and we find that there are physically relevant models–such as a form of the relativistic Schrödinger equation–that are in the domain of the non stable Lévy–Schrödinger equations.