There exist two known types of ultrafilter extensions of first-order models, both in a certain sense canonical. One of them comes from modal logic and universal algebra, and in fact goes back to Jónsson and Tarski :891–939, 1951; 74:127–162, 1952). Another one The infinity project proceeding, Barcelona, 2012) comes from model theory and algebra of ultrafilters, with ultrafilter extensions of semigroups as its main precursor. By a classical fact of general topology, the space of ultrafilters over a discrete space is (...) its largest compactification. The main result of Saveliev The infinity project proceeding, Barcelona, 2012), which confirms a canonicity of this extension, generalizes this fact to discrete spaces endowed with an arbitrary first-order structure. An analogous result for the former type of ultrafilter extensions was obtained in Saveliev. Results of such kind are referred to as extension theorems. After a brief introduction, we offer a uniform approach to both types of extensions based on the idea to extend the extension procedure itself. We propose a generalization of the standard concept of first-order interpretations in which functional and relational symbols are interpreted rather by ultrafilters over sets of functions and relations than by functions and relations themselves, and define ultrafilter models with an appropriate semantics for them. We provide two specific operations which turn ultrafilter models into ordinary models, establish necessary and sufficient conditions under which the latter are the two canonical ultrafilter extensions of some ordinary models, and obtain a topological characterization of ultrafilter models. We generalize a restricted version of the extension theorem to ultrafilter models. To formulate the full version, we propose a wider concept of ultrafilter models with their semantics based on limits of ultrafilters, and show that the former concept can be identified, in a certain way, with a particular case of the latter; moreover, the new concept absorbs the ordinary concept of models. We provide two more specific operations which turn ultrafilter models in the narrow sense into ones in the wide sense, and establish necessary and sufficient conditions under which ultrafilter models in the wide sense are the images of ones in the narrow sense under these operations, and also are two canonical ultrafilter extensions of some ordinary models. Finally, we establish three full versions of the extension theorem for ultrafilter models in the wide sense. The results of the first three sections of this paper were partially announced in Poliakov and Saveliev On two concepts of ultrafilter extensions of first-order models and their generalizations, Springer, Berlin, 2017). (shrink)