Though being 30 years old, coopetition, is still earning popularity and represents a fresh, beneficial, but paradoxical approach to inter-organizational relations. The increasing interest is gradually filling the pool of coopetition knowledge with new and interesting qualitative findings and quantitative results. Nonetheless, if we search in this pool of empirical evidence, we will not find many theoretical works, especially those devoted to definitions, conceptualization, typology, or recognition of the foundations of coopetition phenomenon. Our reviewing paper taps into these cognitive gaps using the interpretative and descriptive revision of the theoretical underpinnings of coopetition concept. Our literature review reveals 10 main reference theories with the dominant relevance of three ones, namely game theory, resource-based view, and network approach. Identification of the theoretical lenses allowed us to develop two categorizations of theoretical rooting of coopetition. One is based on the approach to reasoning the adoption of coopetition strategy (i.e., economic, organizational, and inter-organizational) and the second considering the function of coopetition theory development (i.e., preparing, encouraging, and managing). Finally, by integrating these categorizations, reinforced by the process view to coopetition phenomenon, this paper offers a comprehensive configuration of theoretical lenses pointing at three sets of theories—construction, development, and maintenance theories—useful when improving coopetition across its life cycle.