This review considers the theory of the magnetic field line reconnection and its application to the problem of the interaction between the solar wind and the Earth’s magnetosphere. In particular, we discuss the reconnection models by Sonnerup and by Petschek (for both incompressible and compressible plasmas, for the asymmetric and nonsteady-state cases), the magnetic field annihilation model by Parker; Syrovatsky’s model of the current sheet; and Birn’s and Schindler’s solution for the plasma sheet structure. A review of laboratory and numerical modelling experiments is given. Results concerning the field line reconnection, combined with the peculiarities of the MHD flow, were used in investigating the solar wind flow around the magnetosphere. We found that in the presence of a frozen-in magnetic field, the flow differs significantly from that in a pure gas dynamic case; in particular, at the subsolar. part of the magnetopause a ’stagnation’ line appears (i.e., a line along which the stream lines are branchin