The approach of feedback iteration in control theory is considered for solving the problem of control allocation algorithm for the case of three moments in this paper. The core of our novel idea is to introduce a closed-loop feedback iteration for obtaining an available solution to control allocation, which is referred to as control theoretic control allocation (CTCA). Two types of CTCA are investigated in this paper: linear case and nonlinear case, where, in the former, the control Lyapunov function (Lyapunov optimizing) and conjugate gradient are introduced, and in the latter, a nonlinear feedback theory is utilized. Thus, the control Lyapunov function and Lyapunov optimizing control allocation (CLF/LOCA), conjugate gradient control allocation (CGCA), and nonlinear CTCA (NCTCA) are proposed in this paper. The performance of each algorithm is evaluated for computational efficiency and accuracy by use of linear or nonlinear aircraft models, respectively. The simulation results show that the proposed CTCA algorithm will terminate in finite steps.