In current mainstream physics, a Theory of Everything would unify all the fundamental interactions of nature, which are usually considered to be four in number: gravity, the strong nuclear force, the weak nuclear force, and the electromagnetic force. Because the weak force can transform elementary particles from one kind into another, the TOE should yield a deep understanding of the various different kinds of particles as well as the different forces. The expected pattern of theories is:
Theory of Everything
(N.B. FLOWCHART NO ABLE TO REPRODUCED HERE)
Gravity
Electronuclear force (GUT)
Strong force
Electroweak force
Weak force
Electromagnetism
Electric force
Magnetic force
In addition to the forces listed here, modern cosmology might require an inflationary force, dark energy, and also dark matter composed of fundamental particles outside the scheme of the standard model. The existence of these has not been proven and there are alternative theories such as modified Newtonian dynamics.
Electroweak unification is a broken symmetry: the electromagnetic and weak forces appear distinct at low energies because the particles carrying the weak force, the W and Z bosons have a mass of about 100 GeV, whereas the photon, which carries the electromagnetic force, is massless. At higher energies Ws and Zs can be created easily and the unified nature of the force becomes apparent. Grand unification is expected to work in a similar way, but at energies of the order of 1016 GeV, far greater than could be reached by any possible Earth-based particle accelerator. By analogy, unification of the GUT force with gravity is expected at the Planck energy, roughly 1019 GeV.
It may seem premature to be searching for a TOE when there is as yet no direct evidence for an electronuclear force, and while in any case there are many different proposed GUTs. In fact the name deliberately suggests the hubris involved. Nevertheless, most physicists believe this unification is possible, partly due to the past history of convergence towards a single theory. Supersymmetric GUTs seem plausible not only for their theoretical "beauty", but because they naturally produce large quantities of dark matter, and the inflationary force may be related to GUT physics (although it does not seem to form an inevitable part of the theory). And yet GUTs are clearly not the final answer. Both the current standard model and proposed GUTs are quantum field theories which require the problematic technique of renormalization to yield sensible answers. This is usually regarded as a sign that these are only effective field theories, omitting crucial phenomena relevant only at very high energies. Furthermore, the inconsistency between quantum mechanics and general relativity implies that one or both of these must be replaced by a theory incorporating quantum gravity.
Unsolved problems in physics: Is string theory, superstring theory, or M-theory, or some other variant on this theme, a step on the road to a "theory of everything", or just a blind alley?
The mainstream theory of everything at the moment is superstring theory / M-theory; current research on loop quantum gravity may eventually play a fundamental role in a TOE, but that is not its primary aim. These theories attempt to deal with the renormalization problem by setting up some lower bound on the length scales possible. String theories and supergravity (both believed to be limiting cases of the yet-to-be-defined M-theory) suppose that the universe actually has more dimensions than the easily observed three of space and one of time. The motivation behind this approach began with the Kaluza-Klein theory in which it was noted that applying general relativity to a five dimensional universe (with the usual four dimensions plus one small curled-up dimension) yields the equivalent of the usual general relativity in four dimensions together with Maxwell's equations (electromagnetism, also in four dimensions). This has led to efforts to work with theories with large number of dimensions in the hopes that this would produce equations that are similar to known laws of physics. The notion of extra dimensions also helps to resolve the hierarchy problem, which is the question of why gravity is so much weaker than any other force. The common answer involves gravity leaking into the extra dimensions in ways that the other forces do not.
In the late 1990s, it was noted that one problem with several of the candidates for theories of everything (but particularly string theory) was that they did not constrain the characteristics of the predicted universe. For example, many theories of quantum gravity can create universes with arbitrary numbers of dimensions or with arbitrary cosmological constants. Even the "standard" ten-dimensional string theory allows the "curled up" dimensions to be compactified in an enormous number of different ways (one estimate is 10500) each of which corresponds to a different collection of fundamental particles and low-energy forces. This array of theories is known as the string theory landscape.
A speculative solution is that many or all of these possibilities are realised in one or another of a huge number of universes, but that only a small number of them are habitable, and hence the fundamental constants of the universe are ultimately the result of the anthropic principle rather than a consequence of the theory of everything. This anthropic approach is often criticised in that, because the theory is flexible enough to encompass almost any observation, it cannot make useful (as in original, falsifiable, and verifiable) predictions. In this view, string theory would be considered a pseudoscience, where an unfalsifiable theory is constantly adapted to fit the experimental results.