The early 21st century witnesses a dramatic rise in the study of thermal radiation of neutron stars. Modern space telescopes have provided a wealth of valuable information which, when properly interpreted, can elucidate the physics of superdense matter in the interior of these stars. This interpretation is necessarily based on the theory of formation of neutron star thermal spectra, which, in turn, is based on plasma physics and on the understanding of radiative processes in stellar photospheres. In this paper, the current status of the theory is reviewed with particular emphasis on neutron stars with strong magnetic fields. In addition to the conventional deep (semi-infinite) atmospheres, radiative condensed surfaces of neutron stars and "thin" (finite) atmospheres are considered.