Auxetics are materials, metamaterials or structures which expand laterally in at least one cross-sectional plane when uniaxially stretched, that is, have a negative Poisson’s ratio. Over these last decades, these systems have been studied through various methods, including simulations through finite elements analysis (FEA). This simulation tool is playing an increasingly significant role in the study of materials and structures as a result of the availability of more advanced and user-friendly commercially available software and higher computational power at more reachable costs. This review shows how, in the last three decades, FEA proved to be an essential key tool for studying auxetics, their properties, potential uses and applications. It focuses on the use of FEA in recent years for the design and optimisation of auxetic systems, for the simulation of how they behave when subjected to uniaxial stretching or compression, typically with a focus on identifying the deformation mechanism which leads to auxetic behaviour, and/or, for the simulation of their characteristics and behaviour under different circumstances such as impacts.