In seismic imaging experiments, it is common to use a geometric ray theory that is an asymptotic solution of the wave equation in the high‐frequency limit. Consequently, it is assumed that waves propagate along infinitely narrow lines through space, called rays, that join the source and receiver. In reality, recorded waves have a finite‐frequency content. The band limitation of waves implies that the propagation of waves is extended to a finite volume of space around the geometrical ray path. This volume is called the Fresnel volume. In this tutorial, we introduce the physics of the Fresnel volume and we present a solution of the wave equation that accounts for the band limitation of waves. The finite‐frequency wave theory specifies sensitivity kernels that linearly relate the traveltime and amplitude of band‐limited transmitted and reflected waves to slowness variations in the earth. The Fresnel zone and the finite‐frequency sensitivity kernels are closely connected through the concept of constructive interference of waves. The finite‐frequency wave theory leads to the counterintuitive result that a pointlike velocity perturbation placed on the geometric ray in three dimensions does not cause a perturbation of the phase of the wavefield. Also, it turns out that Fermat's theorem in the context of geometric ray theory is a special case of the finite‐frequency wave theory in the limit of infinite frequency. Last, we address the misconception that the width of the Fresnel volume limits the resolution in imaging experiments.