The development of the theory of electron capture processes in ion-atom collisions is reviewed in the present work. The formal theory of scattering is used to obtain the Born and the distorted wave Born series for the rearrangement scattering matrix. On the basis of these series, the applications of the first and second Born approximation, the OBK approximation, the DWBA and the Padé approximants to electron capture processes are discussed. The impulse approximation, the Faddeev method and the second order potential method are also explained. The results of the investigations of the high energy behaviour of the charge transfer cross section based on the Faddeev-Watson multiple scattering expansion are analysed. The methods of molecular and atomic eigenfunction expansions are presented and their relative merits discussed. The semi-classical treatment for determining the differential electron capture probability is reviewed. Results obtained in works utilising expansions in Sturmian, Gaussian and pseudo-state wave functions are also presented. An integral equation approach to the close coupling approximation is described. The field theoretic approach to investigate the electron capture process is discussed in the last section. The results obtained by different theoretical methods are compared with available experimental results.