A general theory of the tension field is developed for application to the analysis of wrinkling in isotropic elastic membranes undergoing finite deformations. The principal contribution is a partial differential equation describing a geometrical property of tension trajectories. This is one of a system of two equations which describes the state of stress independently of the deformation. This system is strongly elliptic at any stable solution, whereas the deformation is described by a system of parabolic type. Controllable solutions, i.e. those states that can be maintained in any isotropic elastic material by application of edge tractions and lateral pressure alone, are obtained. The general axisymmetric problem is solved implicitly and the theory is applied to the solution of two representative examples. Existing small strain theories are shown to correspond to a singular limit of the general theory, at which the underlying system changes from elliptic to parabolic type.