The underwater environment is among Earth's most challenging domains, where failures incur elevated risks and costs for both technology and human endeavors. As a consequence, forecasting the behavior of mechatronic systems through simulation has become increasingly important. Underwater Robotic Simulators (URSs) allow researchers and engineers to safely develop and assess submarine systems. The selection of an appropriate URS from the list of available tools is not trivial. Moreover, the integration of this software with the Digital Twin (DT) concept presents numerous advantages, particularly the ability to link the simulated environment with actual underwater vehicles. This connection is facilitated by performing validation and simulation tests using Software In the Loop (SIL), Model In the Loop, and Hardware In the Loop (HIL) techniques. This paper extensively reviews URSs in the context of both robots and unmanned vehicles in light of the DT paradigm. The article critically examines distinctions among existing URSs, offering valuable insights to aid researchers in selecting the most fitting tool for their specific applications. Additionally, the review explores the practical applications of the identified simulators, categorizing their usage across different fields to illuminate the preferences within the scientific community and showcase prominent case studies.