The epistemic paradox of 'belief instability' has recently received notable attention from many philosophers. Understanding this paradox is very important because belief is a central notion of psychologically motivated semantic theories in philosophy, linguistics, and cognitive science, and this paradox poses serious problems for these theories. In this dissertation I criticize previous proposals and offer a new proposal, which I call a 'revision theory of belief'. ;My revision theory of belief is in many respects an application of Gupta's and Belnap's (...) revision theory of truth, which is proposed to deal with the Liar paradox. They argue that truth is a circular notion because Tarski biconditionals provide circular, partial definitions of truth. And this circularity of truth is the source of the Liar paradox. I offer a similar proposal for handling the paradox of belief instability. In particular, I argue that our notion of belief involved in the paradox of belief instability is circular, and that is why this paradox arises. ;If the notion of belief involved in the paradox is circular, we have to employ a hypothetical evaluation of the belief predicate, and if we do so through a revision process, we can avoid the contradiction which seems to be generated by some paradoxical belief sentences. But it is not easy to show that our notion of belief is circular. Especially, there is nothing like Tarski biconditionals in the case of belief. Nonetheless, I show in this dissertation that there is a certain schema, which I call the B-schema, whose instances can be taken as circular, partial definitions of a notion of belief, and it is that notion of belief which is involved in the paradox of belief instability. In this dissertation I also show that the revision approach can be extended for handling the Knower paradox. I argue that the Knower paradox arises because our notion of knowledge involved in the paradox is circular. (shrink)