Employing the term praxis refers to the idea that theorizing has not only a traditional but also a critical dimension and that it can be accomplished in academia as well as everyday contexts. Distinguishing theorizing as an activity from theory, and articulating the relationship between theorizing and interpreting, it is suggested that the process begins with experiencing or observing a problem. Critical theorizing accounts for the cultural-historical and socio-political dimensions of a problem, temporality, change as a possibility to transcend the status quo, and reflexivity as well as its implications and consequences. As a concrete starting point, it is suggested that theorizing begins with concepts, that are used for critiquing, reconstructing and creating materials. Using examples from the discipline of psychology and psychosocial realities, the praxis of theorizing is demonstrated. It is argued that in theoretical activity critique, reconstruction and creation are entangled. Finally, it is suggested that theorizing is not just an individual but a collective and relational praxis.