Although the physical properties of a structure, such as stiffness, can be determined using some statical tests, the identification of damping parameters requires a dynamic test. In general, both theoretical prediction and experimental identification of damping are quite difficult. There are many different techniques available for damping identification, and each method gives a different damping parameter. The dynamic indentation method, rheometry, atomic force microscopy, and resonant vibration tests are commonly used to identify the damping of materials, including soft materials. While the viscous damping ratio, loss factor, complex modulus, and viscosity are quite common to describe the damping of materials, there are also other parameters, such as the specific damping capacity, loss angle, half-power bandwidth, and logarithmic decrement, to describe the damping of various materials. Often, one of these parameters is measured, and the measured parameter needs to be converted into another damping parameter for comparison purposes. In this review, the theoretical derivations of different parameters for the description and quantification of damping and their relationships are presented. The expressions for both high damping and low damping are included and evaluated. This study is considered as the first comprehensive review article presenting the theoretical derivations of a large number of damping parameters and the relationships among many damping parameters, with a quantitative evaluation of accurate and approximate formulas. This paper could be a primary resource for damping research and teaching.