A semi-thermodynamic treatment is adopted to account for adsorption or partition of solute molecules from aqueous mobile phases on/in reversed-phase liquid chromatography stationary phases. The theoretical expressions of ln k' versus organic modifier content are tested against 10 data sets covering a variety of solute molecules. It is shown that the mean field approximation, adopted widely in ptevious studies, is marginally valid in aqueous mobile phases, especially in the presence of solute molecules, and the lattice model approximation, which is also used in relevant studies, is a poor approximation. Clear conclusions about the validity of either the adsorption or the partition model for the retention mechanism could not be drawn. The equations of the adsorption model describe all data sets absolutely satisfactorily and yield a physically reasonable picture about the behavior of modifier and solvent at the adsorbed layer. However, the high applicability of the adsorption model may not safely entail the validity of the adsorption mechanism at a molecular level, especially in the case of solutes with small and non-polar molecules, where our analysis gives strong indications about the validity of the partition mechanism. The next steps needed for the final elucidation of the retention mechanism in reversed-phase chromatographic columns are indicated.