In this chapter, Chandrasekhar’s deductive theory of turbulence is extended to the case of hydrodynamics and hydromagnetics, with higher order fluid moments. We include the contributions from correlation tensors at two different points of space and two different points in time to account for the energy transfer between Fourier modes with different k values. We start with three governing equations using the first three moments of Vlasov equation, which gives us particle, momentum and energy conservation relations, respectively. We obtain the scalar representations of correlation tensors for hydrodynamics as well as hydromagnetics. Finally we pick an example from literature where the energy spectra alone was not capable of explaining the observations reported by the authors.