This work describes the theory of translation by the School of Leipzig by means of a thorough critical study of the publications of its integrants from the 1960s up to the present day. This historical overview compares the theoretical tenets of this School with the development of general translation theory. In the discussion, relevant concepts of this discipline, such as transfer, communicative value, communicative equivalence, functional equivalence, textual equivalence and translational-enunciative equivalence are tackled.