The concept of development is a multidimensional process, spanning growth theory, normative and social factors, which go way beyond the metacentric perspective of pure economic interpretation. Despite its initial derivation in evolutionary science (biology), as studied by renowned theorists such as Wolff (1759) and Darwin (1859), it was applied to social science through the positivist view of history, and used as a predictor of economic growth. After 1945, development gained global dimension and recognition by former United States President Harry S. Truman, who popularized the concept in his famous Point Four Program towards underdeveloped regions. In the 1970s, the scope of the concept was expanded by encompassing the qualitative aspects of development, while simultaneously including human capital and prosperity. In this decade, due to the great contributions of critical theorists’, the interpretation of the concept differentiated from the orthodox neoclassical understanding. Thereafter in the 1980s and 1990s, several social determinants were integrated into the concept including human development, poverty, income inequality, freedom and capacity building. Development has also compartmentalized into many categories derived from several etymological-like concepts including growth, economic development and industrialization. Based on this background, this paper reviews a variety of theoretical studies, focusing on both classical and new models, to demonstrate how each perspective contributed to the conceptual understanding of the theory of development.