We establish the quantum mechanics of composite fermions based on the dipole picture initially proposed by Read. It comprises three complimentary components: a wave equation for determining the wave functions of a composite fermion in ideal fractional quantum Hall states and when subjected to external perturbations, a wave-function for mapping a many-body wave function of composite fermions to a physical wave function of electrons, and a microscopic approach for determining the effective Hamiltonian of the composite fermion. The wave equation resembles the ordinary Schrödinger equation but has drift velocity corrections that are not present in the Halperin-Lee-Read theory. The wave-function constructs a physical wave function of electrons by projecting a state of composite fermions onto a half-filled bosonic Laughlin state of vortices. Remarkably, Jain's wave-function can be reinterpreted as the new in an alternative wave-function representation of composite fermions. The dipole picture and the effective Hamiltonian can be derived from the microscopic model of interacting electrons confined in a Landau level, with all parameters determined. In this framework, we can construct the physical wave function of a fractional quantum Hall state deductively by solving the wave equation and applying the wave-function , based on the effective Hamiltonian derived from first principles, rather than relying on intuition or educated guesses. For ideal fractional quantum Hall states in the lowest Landau level, the approach reproduces the well-established results of the standard theory of composite fermions. We further demonstrate that the reformulated theory of composite fermions can be easily generalized for flat Chern bands. Published by the American Physical Society 2024