The import of Hodgkin and Huxley’s classic model of the action potential has been hotly debated in recent years, with particular controversy surrounding claims by prominent proponents of mechanistic explanation. For these authors, the Hodgkin-Huxley model is an excellent predictive tool but ultimately lacks causal/explanatory import. What is more, they claim that this is how Hodgkin and Huxley themselves saw the model. I argue that these claims rest on a problematic reading of the work. Hodgkin and Huxley’s model is both causal and, in an important sense, explanatory.