The utilization of luminogens with aggregation-induced emission (AIE) characteristics has recently been developed at a tremendous pace in the area of theranostics, mainly because AIE luminogens (AIEgens) hold various distinct advantages, such as good biocompatibility, excellent fluorescence properties, simple preparation and modification, perfect size of nano-aggregation for enhanced permeability and retention effect, promoted efficiencies of photodynamic and photothermal therapies, efficient photoacoustic imaging, and ready constructions of multimodal imaging and therapy. Significant breakthroughs and developments of theranostics based on AIEgens have been achieved in the past few years, and great progress has been witnessed in many theranostic modalities, indicating that AIEgens remarkably complement conventional theranostic materials and promote the development of theranostics. This review provides theoretical insights into the advantages of AIEgens in theranostics, and systematically summarizes the basic concepts, seminal studies, recent trends and perspectives in theranostics based on AIEgens. We believe that AIEgens would be promising multifunctional theranostic platforms in clinical fields and facilitate significant advancements in this research-active area.