This article demonstrates that there is no generally accepted understanding of what political theory is or ought to be in political science. In a historical perspective theory has meant different things in different periods of the discipline's development. With the ''behavioral revolution'' empirical political theory was split from normative political theory and since then the former has been the discipline's mainstream. From an institutional perspective political theory - like theory in any other discipline - is the discipline's body of theoretical knowledge. To the extent that the sub-disciplines of political science - government, comparative politics and international relations - produce theoretical knowledge they count as political theory. In a systematic perspective, four main variants of contemporary political theory can be distinguished: the history of ideas and political philosophy (as the two main variants of normative political theory) and inductive political theory and rational choice theory (as the variants of empirical political theory). The article provides prominent examples of research in these four traditions and then identifies six functions of political theory. In the conclusion it is argued that there are political theories rather than political theory. Normative political theory is undoubtedly important insofar as it deals with the legitimation of regimes and provides normative yardsticks. According to international standards, however, it is empirical theory which must be considered as the core of political theory.