The work encompasses "definitions and distinctions" of the natures and functions of literature; literary theory, criticism, and history; and general, comparative, and national literature. Warren and Wellek discuss an extrinsic approach to the study of literature involving approaching literature from perspectives of biography, psychology, society, ideas, and other arts. "Theory of Literature" also discusses an intrinsic approach to studying literature, discussing the use of devices such as euphony, rhythm, meter, stylistics, imagery, metaphor, symbols, and myth. The work concludes with a discussion of literary genres, history, and the study of literature in the graduate school.