Teachers generally raise sharp criticism about theory with respect to its (lack of) relevance and benefits to practice in both teaching and teacher education. With the purpose of having a deeper understanding of this criticism, this study aims to explore conceptualization of theory by both English as a Foreign Language (EFL) student teachers and practicing teachers. The data were collected from a group of 18 student teachers and a group of 16 practicing teachers. An open-ended questionnaire was administered to the first group while the second group was asked to complete a questionnaire with Likert-scale items. The findings revealed that both student teachers and practicing teachers regard theory from a more objective and scientific point of view. Both groups assigned various roles to theory like guiding practice; explaining ideas, concepts, issues; and generating opinions. The results indicated that both groups are able to utilize theories in their practices. In contrast to what literature suggests, not only student teachers but also practicing teachers appreciate theory in their practices. In this regard, the study offers promising results and provides suggestions for the betterment of teacher education programs.