Pressure-retarded osmosis (PRO) is viewed as a highly promising renewable energy process that generates energy without carbon emissions in the age of the climate change regime. While many experimental studies have contributed to the quest for an efficiency that would make the PRO process commercially viable, computational modeling and simulation studies have played crucial roles in investigating the efficiency of PRO, particularly the concept of hybridizing the PRO process with reverse osmosis (RO). It is crucial for researchers to understand the implications of the simulation and modeling works in order to promote the further development of PRO. To that end, the authors collected many relevant papers and reorganized their important methodologies and results. This review, first of all, presents the mathematical derivation of the fundamental modeling theories regarding PRO including water flux and concentration polarization equations. After that, those theories and thermodynamic theories are then applied to depict the limitations of a stand-alone PRO process and the effectiveness of an RO-PRO hybridized process. Lastly, the review diagnoses the challenges facing PRO-basis processes which are insufficiently resolved by conventional engineering approaches and, in response, presents alternative modeling and simulation approaches as well as novel technologies.