This document is the theory guide for ANSYS FLUENT 12.0. It provides an overview of the physical models available in FLUENT for various fluid flow situations, such as basic fluid flow, flows with rotating reference frames, flows using sliding and deforming meshes, turbulence modeling, heat transfer, and other topics. The guide describes the governing equations and assumptions underlying each model. It is intended to help users understand the theoretical basis of the simulations that can be performed with FLUENT.