Here, we provide an overview of theoretical approaches to semiflexible polymers and their networks. Such semiflexible polymers have large bending rigidities that can compete with the entropic tendency of a chain to crumple up into a random coil. Many studies on semiflexible polymers and their assemblies have been motivated by their importance in biology. Indeed, crosslinked networks of semiflexible polymers form a major structural component of tissue and living cells. Reconstituted networks of such biopolymers have emerged as a new class of biological soft matter systems with remarkable material properties, which have spurred many of the theoretical developments discussed here. Starting from the mechanics and dynamics of individual semiflexible polymers, we review the physics of semiflexible bundles, entangled solutions and disordered cross-linked networks. Finally, we discuss recent developments on marginally stable fibrous networks, which exhibit critical behavior similar to other marginal systems such as jammed soft matter.