Vehicle‐to‐vehicle (V2V) channel modeling is critical for the design and performance evaluation of intelligent transportation systems and mobile ad hoc networks, which enables vehicles to access various information and therefore improve traffic efficiency and driving safety. This article first reviews the recent V2V channel measurements and discusses important V2V channel characteristics. The differences between V2V channels and conventional cellular channels are clarified. Then, a comprehensive review of V2V channel models, which include two‐dimensional (2D) V2V channel models, three‐dimensional (3D) V2V channel models, 3D nonstationary V2V channel models, general 5G channel models supporting V2V communication scenarios, and multimobility V2V channel model allowing for velocity and trajectory variations, is provided. Furthermore, important statistical properties of the multimobility V2V channel model such as spatial‐temporal cross‐correlation function (ST‐CCF), Doppler power spectrum density (PSD), Doppler spread, and stationary interval are provided. Finally, conclusions and future research directions are summarized.