In this article I aim at explicating and analyzing Honko’s views about the roles of theory in folkloristics and comparative religion. More precisely, I will cover two themes. First, I will look at how Honko constructed and utilized theories during the different stages of his career. Second, I will explicate one of the central elements underlying Honko’s theory of culture, namely, functionalism, which provided the framework for his innovations like tradition ecology and folklore process, and for conceptual constructs like the pool of tradition and the systems of culture. I will conclude by assessing the future relevance of Honko’s theories in folkoristics and comparative religion.