This paper reviews the evolution of the theory of international franchising over the past two decades, from its humble beginnings in the early 1990s. The theories are grouped into three time phases. Ten theory papers are considered. It is clear that apart from a basic decision-making model explaining whether to internationalize or not, the theory of international franchising has "borrowed" theory from mainstream marketing. In particular, international franchising theory has evolved by incorporating capabilities theory, relationship theory, stakeholder theory, and governance mode theory. The biggest opportunity for future international franchising research is to add a branding theory perspective. Four sub-topics are put forward as promising areas for future research.