Cancer cells rewire their metabolism to promote growth, survival, proliferation, and long-term maintenance. The common feature of this altered metabolism is increased glucose uptake and fermentation of glucose to lactate. This phenomenon is observed even in the presence of completely functioning mitochondria and together is known as the Warburg Effect. The Warburg Effect has been documented for over 90 years and extensively studied over the past 10 years with thousands of papers reporting to have established either its causes or its functions. Despite this intense interest, the function of the Warburg Effect remains unclear. Here, we analyze several proposed biological explanations for the Warburg Effect, emphasize their rationale, and discuss their controversies.