The Monod equation has been widely applied to describe microbial growth, but it has no mechanistic basis and is purely empirical. Extensive efforts have been dedicated to develop theoretical approaches for derivation of the Monod equation, which can be classified into three major groups, i.e., kinetic, thermodynamic, and substance transport approaches. In this review, four representative approaches are thus discussed. Due to the fact that different assumptions are made in each approach, no universal physical meaning of the Monod constant (K-s) can be revealed. However, it seems that the Monod constant would be free energy-dependent and have nonequilibrium thermodynamic characteristics.