The theoretical investigation of excited state for large photoactive systems plays the fundamental role in understanding various optical processes in material and biological system. Frenkel exciton (FE) model describing the excitation of the whole system as a collective effect of quasi‐particles of excitons, that is, bound electron–hole pairs, is well‐known as a simple but powerful theoretical scheme to present a clear and insightful physical picture for complicated excited state problems. In this mini‐review, we summarize our recent developments of quantum chemical methods based on exciton models and their related applications for large photoactive systems. It is shown that our developed ab initio renormalized exciton model (REM) and block interaction product state (BIPS) schemes provide new efficient and automatic low‐scaling excited state methods for both localized and delocalized excited states in large systems. Illustrative examples including simulations of both absorption and emission spectrum in large sized molecular aggregates, indicate the exciton model based methods provide promising computational tools for unravel the mechanism of photophysical and photochemical processes in large photoactive systems.