A rigorous physical-mathematical model of heterogeneous conductive media is based on the effective-medium approach. A generalization of the classical effective-medium theory (EMT) consists of two major parts: (1) introduction of effective-conductivity models of heterogeneous, multiphase rock formations with inclusions of arbitrary shape and conductivity using the principles of the quasi-linear (QL) approximation within the framework of the EMT formalism and (2) development of the generalized effective-medium theory of induced polarization (GEMTIP), which takes into account electromagnetic-induction (EMI) and induced polarization (IP) effects related to the relaxation of polarized charges in rock formations. The new generalized EMT provides a unified mathematical model of heterogeneity, multiphase structure, and the polarizability of rocks. The geoelectric parameters of this model are determined by the intrinsic petrophysical and geometric characteristics of composite media: the mineralization and/or fluid content of rocks and the matrix composition, porosity, anisotropy, and polarizability of formations. The GEMTIP model allows one to find the effective conductivity of a medium with inclusions that have arbitrary shape and electrical properties. One fundamental IP model of an isotropic, multiphase, heterogeneous medium is filled with spherical inclusions. This model, because of its relative simplicity, makes it possible to explain the close relationships between the new GEMTIP conductivity-relaxation model and an empirical Cole-Cole model or classical Wait's model of the IP effect.