This paper reviews our recent theoretical studies of molecular association and thermoreversible gelation in polymer solutions and blends. We first classify fundamental types of association, and propose their static and dynamic characterization. We then develope general theory of associating polymers to study phase transitions induced by molecular association. These transitions include macro- and microphase separation, micellization, hydration, thermoreversible gelation and liquid-crystalization. As for the origin of associative forces, we focus on hydrogen bonding and hydrophobic aggregation. Detailed study on thermoreversible gelation with multiple cross-link junctions is presented. Paying special attention to the multiplicity and sequence length of the network junctions, we derive phase diagrams with coexisting gelation and phase separation, and compare them with experimental data. Local and global structures of the gel networks are studied from molecular point of view. The theory is applied to more complex thermoreversible gels such as binary networks (interpenetrating networks, alternating networks and randomely mixed networks), hydrated networks with high-temperature gelation, gelation strongly coupled to polymer conformational transitions such as coil-to-helix transition. To study dynamics of thermoreversible gels, a simple transient network model is introduced, and creation and annihilation of junctions in the networks are theoretically described. Stationary non-linear viscosity and the dynamic mechanical moduli are calculated as functions of the shear rate, frequency and the chain disengagement rate. From the peak of the loss modulus, the lifetime τ× of the junction is estimated, and from the high frequency plateau of the storage modulus, the number of elastically effective chains in the network is found. Transient phenomena such as stress relaxation and stress overshoot are also theoretically studied. Results are compared with the recent experimental reports on the rheological study of hydrophobically modified water-soluble polymers.