It is the aim of this article to review the major theories of polymer crystallization since up to now we still have not completely comprehended the underlying mechanism in a unified framework. A lack of paradigm is an indicator of immaturity of the field itself; thus, the fundamental issue of polymer crystallization remains unsolved. This paper provides an understanding of the basic hypothesis, as well as relevant physical implications and consequences of each theory without too much bias. We try to present the essential aspects of the major theories, and intuitive physical arguments over rigorously mathematical calculations are highlighted. In addition, a detailed comparison of various theories will be made in a logical and self-contained fashion. Our personal view of the existing theories is presented as well, aiming to inspire further open discussions. We expect that new theories based on the framework of kinetics with direct consideration of long-range multi-body correlation will help solve the remaining problems in the field of polymer crystallization.