For the last four decades, semantic priming—the facilitation in recognition of a target word when it follows the presentation of a semantically related prime word—has been a central topic in research of human cognitive processing. Studies have drawn a complex picture of findings which demonstrated the sensitivity of this priming effect to a unique combination of variables, including, but not limited to, the type of relatedness between primes and targets, the prime-target Stimulus Onset Asynchrony (SOA), the relatedness proportion (RP) in the stimuli list and the specific task subjects are required to perform. Automatic processes depending on the activation patterns of semantic representations in memory and controlled strategies adapted by individuals when attempting to maximize their recognition performance have both been implicated in contributing to the results. Lately, we have published a new model of semantic priming that addresses the majority of these findings within one conceptual framework. In our model, semantic memory is depicted as an attractor neural network in which stochastic transitions from one stored pattern to another are continually taking place due to synaptic depression mechanisms. We have shown how such transitions, in combination with a reinforcement-learning rule that adjusts their pace, resemble the classic automatic and controlled processes involved in semantic priming and account for a great number of the findings in the literature. Here, we review the core findings of our model and present new simulations that show how similar principles of parameter-adjustments could account for additional data not addressed in our previous studies, such as the relation between expectancy and inhibition in priming, target frequency and target degradation effects. Finally, we describe two human experiments that validate several key predictions of the model.