We review recent theoretical progress in the understanding and prediction of novel topological semimetals. Topological semimetals define a class of gapless electronic phases exhibiting topologically stable crossings of energy bands. Different types of topological semimetals can be distinguished based on the degeneracy of the band crossings, their codimension (e.g. point or line nodes), as well as the crystal space group symmetries on which the protection of stable band crossings relies. The dispersion near the band crossing is a further discriminating characteristic. These properties give rise to a wide range of distinct semimetal phases such as Dirac or Weyl semimetals, point or line node semimetals, and type-I or type-II semimetals. In this review we give a general description of various families of topological semimetals with an emphasis on proposed material realizations from first-principles calculations. The conceptual framework for studying topological gapless electronic phases is reviewed, with a particular focus on the symmetry requirements of energy band crossings, and the relation between the different families of topological semimetals is elucidated. In addition to the paradigmatic Dirac and Weyl semimetals, we pay particular attention to more recent examples of topological semimetals, which include nodal line semimetals, multifold fermion semimetals, triple-point semimetals. Less emphasis is placed on their surface state properties, responses to external probes, and recent experimental developments. 1 arXiv:1810.08186v1 [cond-mat.mes-hall]