The third-person effect claims that people generally suppose others to be more influenced by mass media than themselves. It is one among several perceptual phenoma that offer deeper insights into the media’s role in society and media impact. Almost 100 empirical studies of the third-person effect have so far been published, mainly in North America. They consistently support the phenomenon and additionally address its causes and consequences. This article contains a systematic overview of these studies, their findings and their theoretical explanations for the third-person effect. However, extensive theoretical work on the causes for the evidently solid difference between self-perception and perception of others is still lacking. In order to close this gap we develop an integrative theoretical model in which the third-person effect is linked to other perceptual phenomena (hostile-media phenomenon, optimistic bias, pluralistic ignorance, looking-glass effect). We assume that the perception of (alleged) media impact results in real behavior and therefore should play an important role in media effect theories. Moreover, this could lead to a conceptual extension of these approaches.