In the transportation sector, electric battery bus (EBB) deployment is considered to be a potential solution to reduce global warming because no greenhouse gas (GHG) emissions are directly produced by EBBs. In addition to the required charging infrastructure, estimating the energy consumption of buses has become a crucial precondition for the deployment and planning of electric bus fleets. Policy and decision-makers may not have the specific tools needed to estimate the energy consumption of a particular bus network. Therefore, many state-of-the-art studies have proposed models to determine the energy demand of electric buses. However, these studies have not critically reviewed, classified and discussed the challenges of the approaches that are applied to estimate EBBs’ energy demands. Thus, this manuscript provides a detailed review of the forecasting models used to estimate the energy consumption of EBBs. Furthermore, this work fills the gap by classifying the models for estimating EBBs’ energy consumption into small-town depot and big-city depot networks. In brief, this review explains and discusses the models and formulations of networks associated with well-to-wheel (WTW) assessment, which can determine the total energy demand of a bus network. This work also reviews a survey of the most recent optimization methods that could be applied to achieve the optimal pattern parameters of EBB fleet systems, such as the bus battery capacity, charger rated power and the total number of installed chargers in the charging station. This paper highlights the issues and challenges, such as the impact of external factors, replicating real-world data, big data analytics, validity index, and bus routes’ topography, with recommendations on each issue. Also, the paper proposes a generic framework based on optimization algorithms, namely, artificial neural network (ANN) and particle swarm optimization (PSO), which will be significant for future development in implementing new energy consumption estimation approaches. Finally, the main findings of this manuscript further our understanding of the determinants that contribute to managing the energy demand of EBBs networks.