A general role of the renormalization group (RG) in the theory of fully developed turbulence is proposed, with the simple case of the shell models as an illustrative example. A Wilson-type RG is defined, i.e., a transformation in a space of shell-dynamics ``subgrid models'' with fixed uv cutoff, for a class of theories with fixed mean dissipation and strength of quadratic nonlinearity. It is explained that, if a zero-viscosity limit exists, then its ``subgrid'' dynamics below the cutoff is necessarily (near) a fixed point of the RG transformation. Conversely, any RG fixed-point subgrid model is associated to a zero-viscosity limit. By means of an ``asymptotic completeness'' assumption for the fixed point, a high shell-number expansion is established, analogous to the operator product expansion (OPE) of field theory. This expansion predicts characteristic ``multifractal scaling'' for shell variable moments and also relations between inertial and dissipation range scaling exponents. Furthermore, under the plausible assumption of an ``additive OPE,'' a predicted scaling form for two-point moment correlations is established. The results of this paper are nonperturbative but only of a qualitative character, based upon precise assumptions about the fixed-point theory. However, we also discuss the possibility of an implementation of RG by numerical methods (Monte Carlo, decimation, etc.) or perturbation expansion to test the assumptions and to make a quantitative evaluation of the scaling exponents. The relation of RG to naive ``cascade ansatz'' is also discussed.