Microbiologically influenced corrosion (MIC) is a major concern in a wide range of industries, with claims that it contributes 20% of the total annual corrosion cost. The focus of this present work is to review critically the most recent proposals for MIC mechanisms, with particular emphasis on whether or not these make sense in terms of their electrochemistry. It is determined that, despite the long history of investigating MIC, we are still a long way from really understanding its fundamental mechanisms, especially in relation to non-sulphate reducing bacterial (SRB) anaerobes. Nevertheless, we do know that both the cathodic polarization theory and direct electron transfer from the metal into the cell are incorrect. Electrically conducting pili also do not appear to play a role in direct electron transfer, although these could still play a role in aiding the mass transport of redox mediators. However, it is not clear if the microorganisms are just altering the local chemistry or if they are participating directly in the electrochemical corrosion process, albeit via the generation of redox mediators. The review finishes with suggestions on what needs to be done to further our understanding of MIC.