The relationship between chemical structure and taste has always been a subject of keen interest to chemists. In an effort to rationalize these relationships, chemists have built models, particularly for sweeteners and the sweetener receptor. Early models were exclusively pharmacophore models but, later, receptor models and even computational models with predictive capability were developed. In this paper, models for all the five primary tastes are reviewed. In recent years, the receptors which mediate sweet, bitter and umami (savoury) taste have been identified. The receptors mediating sour and salty tastes, however, are still not known with certainty. The current states of knowledge on the receptors which mediate all five taste modalities are reviewed. Then a perspective is provided on the validity of the models developed. The sequencing of the human genome has enabled great advances in our understanding of the receptors which initiate taste responses. Yet, there remains much we do not understand. A listing of questions still unanswered is provided. Finally, a discussion is provided of new technologies enabled by an advanced understanding of sweetener and bitterant receptors. Specifically, positive allosteric modulators of the sweetener receptor have been identified which enable dramatic reduction in the concentrations of carbohydrate sweeteners while, at the same time, retaining the high quality taste of carbohydrate sweeteners. In addition, bitterness inhibitors have been identified which may have value in the reduction of the negative taste attributes of some foods and beverages. Lastly, an improved understanding of the bio-rationale for the slow sweetness onset and sweetness linger of high-potency sweeteners has led to an approach to improvement of their tastes.