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With this article, we aim to offer a conceptual synthesis of some of the most important developments in past decades on the subject of talent in sport, while also helping sports stakeholders, particularly managers and coaches, to recognize and apply these conclusions in their practices. The article starts with a brief historical review, which explores how there has been a shift from a talent detection perspective to a talent development perspective and to a holistic vision of athletes and their background context. Secondly, the article presents an overview of the main theoretical models put forward in literature on sport psychology, including career-transition-based models and talent-and-expertise-based models. Finally, as the conceptual model most widely referred to in literature, a detailed analysis of the Development Model of Sports Participation (Côté, Baker & Abernethy, 2007), is made, especially with regard to development processes relating to standards of practice (e.g. diversification and specialization) and psychosocial influences, aspects that form the basis of all-round athlete development.