Anglican theology distinguishes two 'sacraments ordained of Christ our Lord in the Gospel' — Baptism and the Lord's Supper (Eucharist) — from five other rites 'commonly called sacraments' (Confirmation, Penance, Orders, Matrimony, and Unction), which are not regarded as having the same dominical institution and promise (Thirty-Nine Articles, Article XXV). Baptism is the sacrament of regeneration and incorporation into the body of Christ; the Eucharist is the sacrament of nourishment and memorial.

The doctrine of the Lord's Supper is the most theologically complex area in Anglicanism. Article XXVIII affirms 'the Body of Christ is given, taken, and eaten... only after an heavenly and spiritual manner,' and categorically rejects transubstantiation ('the change of the substance of bread and wine') as 'repugnant to the plain words of Scripture.' This intentional ambiguity — affirming real presence while rejecting transubstantiation — allows both the receptionist (presence mediated through faith) and the virtualist (Christ's body and blood are truly given in the sacrament) positions to coexist within Anglicanism. Anglo-Catholics tend toward a high sacramental theology close to Roman Catholicism, while evangelical Anglicans tend toward a memorialist or receptionist position.