The problem of building and using analytical codes for shaped charge simulation is reviewed. The basic physics of the whole shaped charge functioning is considered, starting from explosive liner interaction, going through jet formation and jet break‐up, down to cratering into the target. For each stage of the phenomenon, a critical look is given to the existing analytical models, with the idea of determining which models are able to adequately predict the shaped charge behavior with keeping an as low as possible degree of complexity. On reviewing these analytical models, it is shown that some parameters have to be taken into account for a better understanding of what governs shaped charge performance.