The magnetotelluric inverse problem is reviewed, addressing the following mathematical questions: (a)Existence of solutions: A satisfactory theory is now available to determine whether or not a given finite collection of response data is consistent with any one-dimensional conductivity profile. (b)Uniqueness: With practical data, consisting of a finite set of imprecise observations, infinitely many solutions exist if one does. (c)Construction: Several numerically stable procedures have been given which it can be proved will construct a conductivity profile in accord with incomplete data, whenever a solution exists. (d)Inference: No sound mathematical theory has yet been developed enabling us to draw firm, geophysically useful conclusions about the complete class of satisfactory models. Examples illustrating these ideas are given, based in the main on the COPROD data series.