The Schrödinger equation relates the emergent quantities of wavefunction and electric potential and is postulated as a principle of quantum physics or obtained heuristically. However, physical consistency requires that the Schrödinger equation is a low-energy dynamical condition we can derive from the foundations of quantum electrodynamics. Due to the small value of the electromagnetic coupling constant, we show that the electric potential accurately represents the contributions of intermediate low-energy photon exchanges. Then, from the total nonrelativistic energy relation, we see that the dominant term of the electron wavefunction is a superposition of plane waves that satisfies the Schrödinger equation. Our derivation shows that the Schrödinger equation is not an energy conservation relation because its middle term does not represent the electron kinetic energy as assumed. We analyze the physical content of the Schrödinger equation and verify our assessments by calculating and evaluating the physical quantities in the ground state of the hydrogen atom. Furthermore, we explain why nonrelativistic quantum dynamics differs from classical dynamics. Undergraduate students can follow the derivation because it involves fundamental physical concepts and mathematical expressions, and we explain every step.