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Childhood trauma and other early adverse experiences are consistently associated with increased risk for psychopathology and greater positive symptom severity for individuals on the psychosis spectrum. Mounting evidence suggests that childhood trauma may lead to impairments in reward and motivational processes, contributing to negative symptoms of psychosis such as anhedonia and avolition. However, the mechanisms underlying this relationship are not well characterized. This review proposes a model in which hippocampal alterations following childhood trauma contribute to later reward-related deficits, which in turn influences risk for psychopathology. Drawing on both human and animal literature, we discuss the critical role of the hippocampus in modulating dopaminergic circuits crucial to reward learning and motivation. Although much of the literature on reward processes emphasizes striatal function, we focus on hippocampal circuitry to highlight its influence on sustained motivational states and goal-directed behaviors. Additionally, we address the broader impact of stress on hippocampal structure and function. By integrating findings across clinical and non-clinical populations, we aim to advance understanding of the hippocampus as a potential mediator between early life adversity and negative symptoms, offering insights into potential therapeutic targets to mitigate the long-term effects of childhood trauma on mental health outcomes.