The information age is upon us and the main paradox is that there is no satisfactory and commonly accepted answer to the crucial question what information is. This results in a quantity of contradictions, misconceptions, and paradoxes related to the world of information. We consider the existing situation in information studies, which is very paradoxical and inconsistent, in the first part of this paper. To remedy the situation, a new approach in information theory, which is called the general theory of information, is developed. The main achievement of the general theory of information is explication of a relevant and adequate definition of information. This theory is built on an axiomatic base as a system of two classes of principles and their consequences. The first class consists of the ontological principles, which are revealing general properties and regularities of information and its functioning. Principles from the second class explain how to measure information.