Air-to-air indirect evaporative cooling (IEC) systems are particular heat exchangers that use the latent heat of evaporation of water to cool down an air stream, without increasing its specific humidity, thus guaranteeing adequate thermohygrometric conditions in the refrigerated environment with low energy consumption. Dew-point indirect evaporative cooling (DIEC) systems are based on the IEC technology, but they recirculate a part of the air taken from the room to be refrigerated, in order to possibly achieve a lower air temperature. IEC and DIEC systems are becoming increasingly common these years, as they can ensure a good efficiency, minimizing the environmental impact of the air-conditioning system. Consequently, it has been necessary to develop models, both analytical and numerical, to quickly and accurately design this type of system and to predict their performance. This paper presents a review of the analytical and numerical models developed specifically for IEC and DIEC systems, highlighting their method, main innovations and advantages, and possible limitations. From this analysis, it emerged that analytical models have been developed since the late 1990s and only few of them are suitable for DIEC heat exchangers, while numerical models for both IEC and DIEC systems are gaining popularity in recent years. Almost all the analyzed models have been validated by comparison with numerical and/or experimental data, showing a maximum discrepancy within 10% in the majority of the cases. However, the validations were performed for a few specific cases, so in real applications it might be difficult to associate the model boundary conditions and the heat exchangers operating conditions, such as nozzles orientations, plates materials, water flow rates, and configurations. Another common limitation concerns the modeling of some properties, as wettability factor and air density, which might affect the accuracy of the results.