Theoretical calculation plays an important role in the emerging field of single-molecule magnets (SMMs). It can not only explain experimental phenomena but also provide synthetic guidance. This review focuses on discussing the computational methods that have been used in this field in recent years. The most common and effective method is the complete active space self-consistent field (CASSCF) approach, which predicts mononuclear SMM property very well. For bi- and multi-nuclear SMMs, magnetic exchange needs to be considered, and the exchange coupling constants can be obtained by Monte Carlo (MC) simulation, ab initio calculation via the POLY_ANISO program and density functional theory combined with a broken-symmetry (DFT-BS) approach. Further application for these calculation methods to design high performance SMMs is also discussed.