Eco-driving is a multidimensional concept that includes driving behavior, route selection and all other choices or behaviors related to the vehicles’ fuel consumption (e.g., the use of quality fuel, the use of air conditioning, driving at peak hours, etc.). The scope of this paper is to present an overview of recent literature referring to eco-driving and developed models for calculating fuel consumption, as well as the most important factors affecting it. Recent literature contains a large number of models that estimate fuel consumption, based on naturalistic driving data, which are collected using smartphones and OBDs. In this work, the existing literature is critically assessed in relation to conceptual, methodological and data related aspects. The analyses result to a set of limitations and challenges that are further discussed in the framework of system wide implementations for deriving policies that increase drivers’ awareness, but also improve system performance.