Heat exchanger modeling has been widely employed in recent years for performance calculation, design optimizations, real-time simulations for control analysis, as well as transient performance predictions. Among these applications, the model’s computational speed and robustness are of great interest, particularly for the purpose of optimization studies. Machine learning models built upon experimental or numerical data can contribute to improving the state-of-the-art simulation approaches, provided careful consideration is given to algorithm selection and implementation, to the quality of the database, and to the input parameters and variables. This comprehensive review covers machine learning methods applied to heat exchanger applications in the last 8 years. The reviews are generally categorized based on the types of heat exchangers and also consider common factors of concern, such as fouling, thermodynamic properties, and flow regimes. In addition, the limitations of machine learning methods for heat exchanger modeling and potential solutions are discussed, along with an analysis of emerging trends. As a regression classification tool, machine learning is an attractive data-driven method to estimate heat exchanger parameters, showing a promising prediction capability. Based on this review article, researchers can choose appropriate models for analyzing and improving heat exchanger modeling.