In spite of the Horizontal-to-Vertical Spectral Ratio (HVSR or H/V) technique obtained by the ambient vibrations is a very popular tool, a full theoretical explanation of it has been not reached yet. A short excursus is here presented on the theoretical models explaining the H/V spectral ratio that have been development in last decades. It leads to the present two main research lines: one aims at describing the H/V curve by taking in account the whole ambient-vibration wavefield, and another just studies the Rayleigh ellipticity. For the first theoretical branch, a comparison between the most recent two models of the ambient-vibration wavefield is presented, which are the Distributed Surface Sources (DSS) one and the Diffuse Field Approach (DFA). A mention is done of the current developments of these models and of the use of the DSS for comparing the H/V spectral ratio definitions present in literature. For the second research branch, some insights about the connection between the so-called osculation points of the Rayleigh dispersion curves and the behaviour of the H/V curve are discussed.