The notion of (relative) interpretation for first order theories was introduced in a landmark 1953 monograph by Alfred Tarski, Andrzej Mostowski and Raphael Robinson, where it was developed as a powerful tool for establishing undecidability results. By now the domain of interest and applicability of interpretability theory far exceeds undecidability theory owing to its multifaceted interactions with both proof theory and model theory. Special attention will be paid to recent advances in the subject that indicate the distinctive character of Peano Arithmetic, Zermelo-Fraenkel set theory, and their higher order analogues in the realm of interpretability theory. This talk will present a personal overview of the interpretability analysis of arithmetical and set theoretical theories.