Graphene has attracted enormous interests due to its unique physical, mechanical, and electrical properties. Specially, graphene-based field-effect transistors (FETs) have evolved rapidly and are now considered as an option for conventional silicon devices. As a critical step in the design cycle of modern IC products, compact model refers to the development of models for integrated semiconductor devices for use in circuit simulations. The purpose of this review is to provide a theoretical description of current compact model of graphene field-effect transistors. Special attention is devoted to the charge sheet model, drift-diffusion model, Boltzmann equation, density of states (DOS), and surface-potential-based compact model. Finally, an outlook of this field is briefly discussed.