Title: Homological Aspects of Torsion Theories. Preprint, (2001). Authors: A. Beligiannis and I. Reiten. Addresses: Department of Mathematics, University of the Aegean, 83200 Karlovassi, Samos, Greece. Department of Mathematical Sciences, Norwegian University of Science and Technology, 7490 Trondheim, Norway. \begin{abstract} In this paper we study torsion theories in the general setting of pretriangulated categories, an omnipresent class of additive categories which includes abelian, triangulated, stable, and more generally (homotopy categories of) closed model categories in the sense of Quillen, as special cases. We explore the formal analogies of the concept of a torsion theory in the above settings, concentrating our study to the relationship between orthogonal subcategories and the existence of left or right adjoints in connection with their interaction with the structure of left/right triangles and exact sequences. The main focus of our study lies to the investigation of the strong connections and the interplay between torsion theories and tilting theory in abelian, triangulated and stable categories. The proper setting for the formulation of these connections is via closed model structures. We also study (co)homological functors induced by torsion theories, thus generalizing the Tate-Vogel (co)homological functors, and we give applications to the structure of the representations of Artin algebras and Gorenstein rings. \end{abstract}