This review focuses on the use of polyolefins in high‐voltage direct‐current (HVDC) cables and capacitors. A short description of the latest evolution and current use of HVDC cables and capacitors is first provided, followed by the basics of electric insulation and capacitor functions. Methods to determine dielectric properties are described, including charge transport, space charges, resistivity, dielectric loss, and breakdown strength. The semicrystalline structure of polyethylene and isotactic polypropylene is described, and the way it relates to the dielectric properties is discussed. A significant part of the review is devoted to describing the state of art of the modeling and prediction of electric or dielectric properties of polyolefins with consideration of both atomistic and continuum approaches. Furthermore, the effects of the purity of the materials and the presence of nanoparticles are presented, and the review ends with the sustainability aspects of these materials. In summary, the effective use of modeling in combination with experimental work is described as an important route toward understanding and designing the next generations of materials for electrical insulation in high‐voltage transmission.