Integral operator-based theory of characteristic modes (CMs) for conducting, material, and lossy structures is reviewed. CMs are defined as solutions of a generalized eigenvalue equation (GEE). These GEEs are presented for various surface and volume integral operators and material structures. Interpretation of the characteristic eigenvalues in terms of electromagnetic power is studied based on the Mie expansion and integral operator formalism. Orthogonality and diagonalizing properties of the CMs are summarized. Challenges related to dielectric-magnetic bodies, lossy structures and spurious modes are discussed, as well as differences between the surface and volume operator approaches.