Over the past few decades, researchers have become interested in the mechanisms behind motor imagery (i.e., the mental rehearsal of action). During this time several theories of motor imagery have been proposed, offering diverging accounts of the processes responsible for motor imagery and its neural overlap with movement. In this review, we summarize the core claims of five contemporary theories of motor imagery: motor simulation theory, motor emulation theory, the motor-cognitive model, the perceptual-cognitive model, and the effects imagery model. Afterwards, we identify the key testable differences between them as well as their various points of overlap. Finally, we discuss potential future directions for theories of motor imagery.