We review psychological research bearing on major theories of metaphor comprehension. A broad survey of behavioral studies is coupled with findings from recent meta-analyses of neuroimaging studies of metaphor processing. We identify three broad theoretical positions that have been the foci of research efforts: analogy, categorization, and conceptual mapping. The first two of these emphasize relatively well-specified information-processing models; the third links metaphor comprehension to embodied cognition. Our review evaluates the evidence that has been taken as support for each view, and then critically examines studies that bear on competing hypotheses derived from opposing theories. Finally, we discuss issues that future research on metaphor should address. In particular, we call for greater consideration of the pragmatic functions of metaphor in context, of its emotional impact, and of its links to literary interpretation. We suggest ways in which mechanisms based on analogy and conceptual combination might be integrated to create a richer conception of metaphor understanding.