The Raiders secured the signing of the 32-year-old in a trade deal from the Texans in exchange for a late-round pick in the upcoming 2014 Draft.
After a difficult season in 2013, Schaub admitted that he was eagerly anticipating being at a new club after seven years with Houston.
Schaub told reporters: "A fresh start can do a lot of things for a player and a team. I'm one of those guys.
"Last year did not go at all how I had planned, given my prior nine years before that. I'm looking for a fresh start. I'm excited about the opportunity here and the players on this team, the coaches, the plan and the direction.
"Reggie [McKenzie] has brought in a great mix of young players as well as veteran leaders and proven players in this business and I'm excited to be a part of the direction that this team is heading."
Schaub threw for 2,310 yards along with 10 touchdowns to 14 interceptions last season.