One can divide modern torpedoes into lightweight and heavyweight classes; and into straight-running, autonomous homers, and wire-guided types. They can be launched from a variety of platforms.
Do guided torpedoes exist?
A torpedo is essentially a guided missile that happens to "fly" underwater (see How Cruise Missiles Work for details on missiles). ... Torpedoes can travel several miles on their way to the target, and therefore they need a propulsion system that can run for 10 to 20 minutes.
Can you control a torpedo?
They can also manually steer or shut down the weapon on command. If the weapon ever leaves the kill box, it will inert its warhead, shut down its engine, and sink to the bottom of the ocean. A torpedo cannot be 'command-detonated' as seen in the movie Hunt for Red October.