Managed alcohol programmes (MAPs) are harm reduction services that provide regulated doses of alcohol throughout the day to people experiencing both homelessness and severe alcohol dependence, alongside support for housing, physical and mental health, welfare and social connections. Developed in Canada in the 1990s and now operating internationally, MAPs exist because abstinence-based treatment is frequently inaccessible or unsuitable for this population. This realist review drew on 60 studies and grey literature sources to identify 11 programme theories explaining what works, for whom, and under what circumstances. Key findings show that MAPs succeed by enabling autonomy, meeting clients' basic needs, creating hope and purpose, and connecting people to healthcare, and that they consistently produce positive outcomes including reductions in alcohol consumption, emergency service use, and legal harms.