In recent years, research on international student mobility (ISM) has increased considerably. One recurring topic within this emerging interdisciplinary research field deals with the various social inequalities that exist in relation to accessing and participating in this form of mobility. However, while methodological and empirical aspects are becoming ever more refined, there is a paucity of discussion in relation to its theoretical concerns. Against this background, this paper provides a review of the main theoretical-conceptual approaches currently in use for explaining inequalities in access to and the experience of ISM: rational choice theory, Bourdieusian class theory, critical race theory, intersectional and post- and decolonial perspectives. This allows us to highlight some shortcomings in the debate and possible points of convergence between these approaches while suggesting new avenues for future research on ISM-related social inequalities.