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The study of individual behavioral variation, sometimes called animal personalities or behavioral types, is now a well-established area of research in behavioral ecology and evolution. Considerable theoretical work has developed predictions about its ecological and evolutionary causes and consequences, and studies testing these theories continue to grow. Here, we synthesize the current empirical work to shed light on which theories are well supported and which need further refinement. We find that the major frameworks explaining the existence of individual behavioral variation, the pace-of-life syndrome hypothesis and state-dependent feedbacks models, have mixed support. The consequences of individual behavioral variation are well studied at the individual level but less is known about consequences at higher levels such as among species and communities. The focus of this review is to reevaluate and reestablish the foundation of individual behavioral variation research: What do we know? What questions remain? And where are we going next?