The concept of development is very complex, thus, generates abundance of literature and therefore spawns different and conflicting interpretations from the dominant paradigm theories of development-Modernization, Marxist, Dependency and the Alternative approach. This paper intends to critically appraise and review the concept of development as defined by the four dominant schools and their conceptual and historical relationship. The paper examines the convergent and divergent views that necessitate the development or underdevelopment of a nation or society. The shortcomings or inherent biases of one school led to the emergence of another. The paper discovers the existence of different internal arguments in theories. Similarly, the Alternative approach emerges to address some developmental challenges (environment, peace) that were either not conceived in the conceptualization stage or were myopically overlooked by the tripartite. Furthermore, the paper reveals how both the Modernization, Marxists and Dependency theory of development failed to address many challenges of development especially in third world countries where Africa is also located. Therefore, the need for another new theory such as African Renaissance theory to suit Africans and contain its present challenges is imperative.