We study the continuum Schwinger-Dyson equations for nonperturbative two-dimensional quantum gravity coupled to various matter fields. The continuum Schwinger-Dyson equations for the one-matrix model are explicity derived and turn out to be a formal Virasoro condition on the square root of the partition function, which is conjectured to be the tau function of the KdV hierarchy. Furthermore, we argue that general multi-matrix models are related to the W algebras and suitable reductions of KP hierarchy and its generalizations.