This review presents the fundamental theoretical concepts concerning the photogalvanic effect (PGE)--the phenomenon of appearance of a direct current in a homogeneous medium under uniform illumination. This effect can occur in all media lacking a center of symmetry, in particular, in ferroelectrics, piezoelectrics, gyrotropic crystals, and in gases and liquid possessing natural optical activity. The starting point of a systematic microscopic theory is the asymmetry of the elementary electronic processes--their noninvariance with respect to spatial reflection. Within the framework of the theory, we study the most important mechanisms of the PGE in the regions of impurity, interband, and intraband light absorption. Possible observable manifestations of the PGE are discussed. Theoretical results are compared with experimental data.