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Characterized by cyclic axisymmetric perturbations to both the magnetic and fluid parameters, magnetohydrodynamic fast sausage modes (FSMs) have proven useful for solar coronal seismology given their strong dispersion. This review starts by summarizing the dispersive properties of the FSMs in the canonical configuration where the equilibrium quantities are transversely structured in a step fashion. With this preparation we then review the recent theoretical studies on coronal FSMs, showing that the canonical dispersion features have been better understood physically, and further exploited seismologically. In addition, we show that departures from the canonical equilibrium configuration have led to qualitatively different dispersion features, thereby substantially broadening the range of observations that FSMs can be invoked to account for. We also summarize the advances in forward modeling studies, emphasizing the intricacies in interpreting observed oscillatory signals in terms of FSMs. All these advances notwithstanding, we offer a list of aspects that remain to be better addressed, with the physical connection of coronal FSMs to the quasi-periodic pulsations in solar flares particularly noteworthy.