This contribution reviews some of the theoretical issues and predictions that were discussed at HADRON2001. The topics are divided into principle areas, 1) exotics, 2) vectors, 3) scalars, and 4) higher‐mass states. The current status of theoretical predictions for each area are summarized, together with a brief description of experiment. New and detailed experimental results are presented in the companion Experimental Summary by Klempt. © 2002 American Institute of Physics