The purpose of this paper is to explore mathematical aspects associated with the application of the direct interaction approximation (DIA) (Kraichnan [1],[2]) to the non-Markovianized stochastic models in the turbulence problem. This process is shown to lead to a functional equation, and construction of solutions of this equation is addressed within the framework of a continued fraction representation. The relation of the DIA solution to the perturbative solution is discussed. The DIA procedure is applied to the problem of wave propagation in a random medium, which is described by a stochastic differential equation, with the characteristics of the medium represented by stochastic coefficients. The results are compared with those given by the perturbative procedure. 1 Though the DIA had yielded several important insights into the dynamics underlying the turbulence problem, controversies persist about the comparison of the predictions of the DIA with experiments at high Reynolds numbers (Mou and Weichman [3], Eyink [4])2 Although the fluctuations in the refractive index µ(ξ) of the medium in a turbulent atmosphere are very small, a wave propagates through a large number of refractive index inhomogeneities in a typical situation of practical interest, so the cumulative effect can be very significant.