The mass media field through experiments and observation has come up with varieties of theories to establish different kind of relationships between the media and the audience, audience reception, processing, interpretation and reaction to media messages. These theories are the anchor base that helps most times to make sense in the reaction of mass media audience to various media messages in different socio-cultural and psychological situations. On a constant basis, we are daily bombarded with loads of information which consciously or otherwise are internalized. . In the light of these considerations this paper discusses the SCHEMA THEORY in terms of its origin, basic assumptions, similarity to other theories and its relevance in the contemporary world.