Urs Schreiber: here is an attempt of mine to write out the very little that I think I learned of this topic from discussion elsewhere. Probably partly wrong.
A theory is…
Examples are
finitary algbraic theory: Lawvere theory
A model? for a theory is…
Typically for a theory there exists a category – the syntactic category – such that a model for is a functor into some topos , satisfying certain conditions.
For instance the syntactic categories of Lawvere theories are precisely those categories that have finite cartesian products and in which every object is isomorphic to a finite cartesian power of a distinguished object . A model for a Lawvere theory is precisely a finite product preserving functor .
We say a functor of toposes (for instance a logical morphism or a geometric morphism) preserves a theory if for every model of in , the composite is a model of in .
For instance, every geometric morphism preserves every Lawvere theory since, being a right adjoint, it preserves limits, hence finite products.