In this paper we present an improved theoretical scenario concerning near infrared and visual magnitudes of RR Lyrae variables, as based on up-to-date pulsating models. On this basis, we revisit the case of the prototype variable RR Lyr, showing that the parallax inferred by this new pulsational approach appears in close agreement with HST absolute parallax. Moreover, available K and V measurements for field and cluster RR Lyrae variables with known reddening and metal content are used to derive a relation connecting the K absolute magnitude to period and metallicity, as well as a new calibration of the M_V-[Fe/H] relation. The comparison between theoretical prescriptions and observations suggests that RR Lyrae stars in the field and in Galactic Globular Clusters should have quite similar evolutionary histories. The comparison between theory and observations also discloses a general agreement that supports the reliability of current pulsational scenario. On the contrary, current empirical absolute magnitudes based on the Baade-Wesselink (BW) method suggest relations with a zero-point that is fainter than predicted by pulsation models, together with a milder metallicity dependence. However, preliminary results based on a new calibration of the BW method provided by Cacciari et al. (2000) for RR Cet and SW And appear in a much better agreement with the pulsational predictions.
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