Magneto-inertial fusion (MIF) concepts, such as the Magnetized Liner Inertial Fusion (MagLIF) platform [M. R. Gomez et al , Phys. Rev. Lett. 113, 155003 (2014)], constitute a promising path for achieving ignition and significant fusion yields in the laboratory. The space of experimental input parameters defining a MagLIF load is highly multi-dimensional, and the implosion itself is a complex event involving many physical processes. In the first paper of this series, we develop a simplified analytical model that identifies the main physical processes at play during a MagLIF implosion. Using non-dimensional analysis, we determine the most important dimensionless parameters characterizing MagLIF implosions and provide estimates of such parameters using typical fielded or experimentally observed quantities for MagLIF. We then show that MagLIF loads can be "incompletely" similarity scaled, meaning that the experimental input parameters of MagLIF can be varied such that many (but not all) of the dimensionless quantities are conserved. Based on similarityscaling arguments, we can explore the parameter space of MagLIF loads and estimate the performance of the scaled loads. In the follow-up papers of this series, we test the similar scaling theory for MagLIF loads against simulations for two different scaling "vectors", which include current scaling and rise-time scaling.