Quantum theory may be formulated using Hilbert spaces over any of the three associative normed division algebras: the real numbers, the complex numbers and the quaternions. Indeed, these three choices appear naturally in a number of axiomatic approaches. However, there are internal problems with real or quaternionic quantum theory. Here we argue that these problems can be resolved if we treat real, complex and quaternionic quantum theory as part of a unified structure. Dyson called this structure the "three-fold way".... This three-fold classification sheds light on the physics of time reversal symmetry, and it already plays an important role in particle physics.