The absence of drugs in ultra-diluted homeopathic medicines and unfavourable clinical trial results portray homeopathic remedies as placebos. Here, it is proposed that homeopathic therapy is a combination of non-specific and antigen-specific mucosal immunotherapy in crude form. The non-specific immunotherapy is mediated by immunomodulatory microbial lysates (disintegration products of microbial cells) present in homeopathic medicines, given that ubiquitous microorganisms from the surrounding environment are unknowingly and unavoidably incorporated into the homeopathic medicines during their preparation and are killed and lysed in alcohol-water vehicle under shaking (‘potentization’) forming microbial lysates whose major ingredients are proteins. As proteins readily interact with a variety of substances, drugs in the homeopathic medicines should bind to the proteins. The drug binding modulates the conformation and effectively, the immunogenicity of the proteins and the latter (designated as drug-modulated proteins) are the agents of antigen-specific immunotherapy. The hypothesis gets some support from the observations that homeopathic medicines elicit immunomodulatory response. Also, the hypothesis without invoking any disputed theory explains the basic tenets of homeopathy and associated controversies like the medicinal properties of ultra-dilutions, where protein-protein interactions via allostery and vibration synchronization bring about conformational modulation of protein molecules in the absence of drugs. As immunotherapy via homeopathic medicines is accidental and accordingly, in rudimentary form, homeopathic treatment (including medicines) cannot be optimal from the standpoint of immunotherapy. Hence, clinical trials in homeopathy may show inconsistent results. However, probing and refining homeopathy from the perspective of immunotherapy may bring forth a novel, simple and affordable immunotherapy.