Piezoelectric actuators find extensive application in delivering precision motion in the micrometer to nanometer range. The advantages of a broader range of motion, rapid response, higher stiffness, and large actuation force from piezoelectric actuators make them suitable for precision positioning applications. However, the inherent nonlinearity in the piezoelectric actuators under dynamic working conditions severely affects the accuracy of the generated motion. The nonlinearity in the piezoelectric actuators arises from hysteresis, creep, and vibration, which affect the performance of the piezoelectric actuator. Thus, there is a need for appropriate modeling and control approaches for piezoelectric actuators, which can model the nonlinearity phenomenon and provide adequate compensation to achieve higher motion accuracy. The present review covers different methods adopted for overcoming the nonlinearity issues in piezoelectric actuators. This review highlights the charge-based and voltage-based control methods that drive the piezoelectric actuators. The survey also includes different modeling approaches for the creep and hysteresis phenomenon of the piezoelectric actuators. In addition, the present review also highlights different control strategies and their applications in various types of piezoelectric actuators. An attempt is also made to compare the piezoelectric actuator’s different modeling and control approaches and highlight prospects.