Internal combustion engines are at present used as the major power sources for transportation and power generator. Improvement of the internal combustion engine efficiency is expected due to strict environmental standards and energy costs. Any reduction in oil consumption, friction power losses and emissions results in improving engines’ performance and durability. Automotive industries have intense passion to increase engines’ efficiency to meet the fuel economy and emission standards. Many studies have been conducted to develop reliable approaches and models to understand the lubrication mechanisms and calculate power losses. This review paper summarizes the synthesis of the main technical aspects considered during modeling of piston ring–liner lubrication and friction losses investigations. The literature review highlights the effects of piston ring dynamics, components geometry, lubricant rheology, surface topography and adopted approaches, on frictional losses contributed by the piston ring-pack.