Fibre metal laminates (FML) are layered materials consisting of both metal and reinforced composite layers. Due to numerous possibilities of configuration, constituent materials, etc., designing and testing such materials can be time- and cost-consuming. In addition to that, some parameters cannot be obtained directly from the experiment campaign. These problems are often overcome by using numerical simulation. In this article, the authors reviewed different approaches to finite element analysis of fibre metal laminates based on published articles and their own experiences. Many aspects of numerical modelling of FMLs can be similar to approaches used for classic laminates. However, in the case of fibre metal laminates, the interface between the metal and the composite layer is very relevant both in experimental and numerical regard. Approaches to modelling this interface have been widely discussed. Numerical simulations of FMLs are often complementary to experimental campaigns, so an experimental background is presented. Then, the software used in numerical analysis is discussed. In the next two chapters, both static and fatigue failure modelling are discussed including several key aspects like dimensionality of the model, approaches to the material model of constituents and holistic view of the material, level of homogenization, type of used finite elements, use of symmetry, and more. The static failure criteria used for both fibres and matrix are discussed along with different damage models for metal layers. In the chapter dedicated to adhesive interface composite—metal, different modelling strategies are discussed including cohesive element, cohesive surfaces, contact with damage formulation and usage of eXtended Finite Element Method. Also, different ways to assess the failure of this layer are described with particular attention to the Cohesive Zone Model with defined Traction–Separation Law. Furthermore, issues related to mixed-mode loading are presented. In the next chapter other aspects of numerical modelling are described like mesh sensitivity, friction, boundary conditions, steering, user-defined materials, and validation. The authors in this article try to evaluate the quality of the different approaches described based on literature review and own research.