Nonrelativistic theories have always attracted a lot of attention in different fields of physics. However, nonrelativistic string theory remains largely unexplored. Whether or not nonrelativistic string theory helps to provide deep insights into string theory itself is an interesting question. This thesis is motivated mainly by the prospect that the nonrelativistic string theory as a unitary and ultraviolet theory promises to provide intriguing applications. It has long been known that one can construct a procedure, the so-called nonrelativistic limit, to obtain a nonrelativistic theory from a relativistic one. However, there is no unique way of taking the limit of a theory. We begin with an overview of the groundwork for the rest of the th...