In recent years, Spherical Cavity Expansion (SCE) theory has been extensively utilized to model dynamic deformation processes related to indentation and penetration problems in many fields. In this review, the SCE theory is introduced by explaining the different mathematical features of this theory, its solution, and a potential application to model the penetration of a rigid penetrator into a deformable target. First, a chronologically literature review of the most common models used to study this kind of penetration problems is introduced, focusing on the SCE theory. Then, the engineering model of penetration is presented using the SCE approach. The model is then compared and validated with some FE numerical simulations and with previous penetration results. It is concluded that this engineering model based on the SCE theory can be utilized to predict the projectile deceleration and penetration depth into the semi-infinite and finite targets impacted by rigid penetrators.