The paper focuses on providing an insight into the current state of computational modeling regarding reactive magnetron sputtering systems. A detailed compilation of developed models is gathered and grouped into categories based on the phenomena being modeled. The survey covers models developed for the analysis of magnetron discharges, particle-surface interactions at the target and the substrate, as well as macroscopic models. Corresponding software packages available online are also presented. After gaining the necessary insight into the current state of research, a list of the most challenging tasks is given, comparing diffierent approaches, that have been used to combat the encountered difficulties. The challenges associated with modeling tasks range from analytical complexity, mathematical know-how used for model approximation and reduction, as well as optimization between computational load and result accuracy. As a conclusion, the future challenges are compiled into a list and a probable direction in modeling is given, that is likely to be further pursued.