Aim Suicide risk is greater at the beginning of the course of psychosis. Purpose of this research was: (a) to investigate prevalence and incidence rates of suicide attempts, suicidal thinking and completed suicide in First Episode Psychosis (FEP) help‐seekers as compared with non‐FEP help‐seeking peers, and (b) to examine any correlation of suicidal ideation with other baseline psychopathological predictors. Methods Two hundred and forty‐one young people (13‐35 years) were assessed with the World Health Organization Quality Of Life scale ‐ Brief version (WHOQOL‐BREF), the Beck Depression Inventory ‐ II Edition (BDI‐II) and the Comprehensive Assessment of At‐Risk Mental States (CAARMS) at the enrollment and over a 36‐month follow‐up period. A Kaplan‐Meier survival analysis to calculate cumulative incidence rates of attempted and completed suicide was used. Results FEP patients showed more severe levels of CAARMS “Suicidality/Self‐Harm” item than non‐FEP peers. They also had higher 3‐year incidence rates of attempted suicide (11%) and completed suicide (13%). Within the FEP total group, suicidal ideation was positively correlated with BDI‐II and CAARMS “Perceptual Abnormalities” item scores, and showed negative associations with younger age and WHOQOL‐BREF “Social Relationships” factor sub‐score. Conclusions Suicidal ideation is relevant in FEP patents, supporting the routine monitoring of suicide risk in baseline assessment of adolescents and young adults with early psychosis. Suicidal thinking seems to be correlated to younger age, perceptual aberrations and depression severity, as well as to poorer quality of social relationships.