After studying art in Geneva, he relocated to Paris as a young man, where he worked as a wallpaper designer, and he became acquainted with Symbolist artists, musicians (Guillaume Lekeu, Vincent d'Indy) and writers.

He illustrated the novel Le rêve (1892) by Émile Zola, Charles Baudelaire's Les Fleurs du mal (1900), Maurice Maeterlinck's Pelléas et Mélisande (1892), and Albert Samain's Jardin de l'infante (1908), but also texts by Haraucourt, Mallarmé, Blondel, Mendès, Lamennais, etc.

The most important works by Schwabe belong to the Musée d'Orsay in Paris, the Musée d'Art et d'Histoire in Geneva, the Museu Nacional de Belas Artes in Rio de Janeiro, the Van Gogh Museum in Amsterdam, the Royal Museums of Fine Arts of Belgium in Brussels and in private collections.

Before 1900, Schwabe's paintings were more individual and experimental, indicating the idealism of the Symbolists; conventional, allegorical scenes from nature became more prominent in his later work.

Schwabe created an important watercolor that was the model of a lithographic poster for the 1892 Salon de la Rose + Croix, the first of six exhibitions organized by Joséphin Péladan that demonstrated the Rosicrucian tendencies of French Symbolism.