For the latter half of the last century renormalization methods have played an important part in tackling problems in fundamental physics and in providing a deeper understanding of systems with many interacting scales or degrees of freedom with strong coupling. The study of turbulence is no exception, and this thesis presents an investigation of renormalization techniques available in the study of the statistical theory of homogeneous and isotropic turbulence. The thesis consists of two parts which assess the two main renormalization approaches available in modeling turbulence. In particular we will be focusing on the renormalization procedures developed by McComb and others. The first part of this thesis will discuss Renormalization Group ...