The common sense model of illness self-regulation outlines the dynamic processes by which individuals perceive, interpret, respond, and adjust, psychologically and behaviorally, to health threats and illness-related information. We present a revised version of the model that formally operationalizes key processes in the model and incorporates additional constructs and processes to provide a comprehensive explanation of how lay perceptions of health threats and illnesses impact coping responses and health-related outcomes. Our revised model provides detail on: (a) the mediating process by which individuals’ cognitive and emotional representations of illnesses and health threats relate to illness outcomes through adoption of coping strategies; (b) representations of health threats and illnesses as schematically organized and activated by presentation of health-threatening stimuli; (c) behavioral and treatment beliefs as determinants of coping responses and illness outcomes independent of representations of health threats and illnesses; and (d) effects of salient moderators (e.g., optimism, perfectionism, trait negative affectivity, emotional representations) of relations between cognitive representations, coping responses, and illness outcomes. Our revised model sets an agenda for future research that addresses knowledge gaps regarding how individuals represent and cope with illnesses and health threats, and augments the evidence base that may inform effective and optimally-efficient illness-management interventions. We also identify the specific kinds of research required to provide robust evidence for the revised model propositions. We call for research paradigms that employ incipient illness samples, utilize prospective cross-lagged and intervention designs, and adopt illness-specific measures of coping behaviors and self-management actions rather than reliance on generic instruments.