In this paper I analyse the most important pieces of evidence concerning the structure of Middle Platonist exegesis (passages from Diogenes Laertius, Taurus of Beirut, the anonymous Commentary on the Theaetetus, Longinus). At first sight these sources seem to present a two-step structure in Middle Platonist exegesis, i. e. a structure which would be quite similar to the Neoplatonic λέξις–θεωρία model. I shall argue, however, that this is not the case: such a structure could be ascribed (in different arrangements) to school exegetical praxis, but it was not applied in Middle Platonist exegetical writings, which were not bound to specific stylistic patterns.