ICHEP 2014 Summary: Theory Status after the First LHC Run

A brief overview of the main highlights discussed at ICHEP 2014 is presented. The experimental data confirm that the scalar boson discovered at the LHC couples to other particles as predicted in the Standard Model. This constitutes a great success of the present theoretical paradigm, which has been confirmed as the correct description at the electroweak scale. At the same time, the negative searches for signals of new phenomena tightly constrain many new-physics scenarios, challenging previous theoretical wisdom and opening new perspectives in fundamental physics. Fresh ideas are needed to face the many pending questions unanswered within the Standard Model framework.