The most important debate about the interpretation of the Bible is whether it actually should be interpreted. This is the debate between the idea that every word of the Bible is literally true and the idea that much of the Bible is meant to be taken metaphorically.
Christian fundamentalists typically believe that the Bible is all literally true. The believe, for example, that God created the world and all that is on the world as described in Genesis. For this reason, they reject the idea of evolution and other such scientific doctrines that go against a literal reading of the Bible.
Against this is the idea that the Bible is not to be taken literally. This point of view argues that the Bible was written by fallible humans in the context of their own time and place. For this reason, we should not take it literally.