The present article aims to provide an overview of the consequences of dynamic soil-structure interaction (SSI) on building structures and the available modelling techniques to resolve SSI problems. The role of SSI has been traditionally considered beneficial to the response of structures. However, contemporary studies and evidence from past earthquakes showed detrimental effects of SSI in certain conditions. An overview of the related investigations and findings is presented and discussed in this article. Additionally, the main approaches to evaluate seismic soil-structure interaction problems with the commonly used modelling techniques and computational methods are highlighted. The strength, limitations, and application cases of each model are also discussed and compared. Moreover, the role of SSI in various design codes and global guidelines is summarized. Finally, the advancements and recent findings on the SSI effects on the seismic response of buildings with different structural systems and foundation types are presented. In addition, with the aim of helping new researchers to improve previous findings, the research gaps and future research tendencies in the SSI field are pointed out.