It is emphasized that theoretical psychology is based on the practice of theorizing. After presenting and challenging some ideas about theories, three tasks for theoretical psychologists are discussed: theorizing as critique refers to describing psychology as a hyper-science that inflates its methodological and technical activities in order to conceal its lack of a natural–scientific foundation. Theorizing as reconstruction is an activity that seeks to make sense of history, culture, society, power, money, and politics in the development of the discipline and subjectivity. This task also traces the elements that have led to psychology’s difficulties. Theorizing as creation means developing theories that are able to make sense of psychological knowledge. It is suggested that a theory of subjectivity is needed that draws on not only the psychological sciences but also the psychological humanities. Finally, it is argued that theorizing remains a duty of psychological work.