Theoretical work on various processes by which shock waves accelerate cosmic rays is reviewed. The most efficient of these processes, Fermi acceleration, is singled out for special attention. A linear theory for this process is presented. The results found on the basis of nonlinear models of Fermi acceleration, which incorporate the modification of the structure caused by the accelerated particles, are reported. There is a discussion of various possibilities for explaining the generation of high-energy particles observed in interplanetary and interstellar space on the basis of a Fermi acceleration mechanism. The acceleration by shock waves from supernova explosions is discussed as a possible source of galactic cosmic rays. The most important unresolved questions in the theory of acceleration of charged particles by shock waves are pointed out.