The environmental, economic, and energy problems of the modern world motivate the development of alternative fuel technologies. Multifuel technology can help reduce the carbon footprint and waste from the raw materials sector as well as slow down the depletion of energy resources. However, there are limitations to the active use of multifuel mixtures in real power plants and engines because they are difficult to spray in combustion chambers and require secondary atomization. Droplet micro-explosion seems the most promising secondary atomization technology in terms of its integral characteristics. This review paper outlines the most interesting approaches to modeling micro-explosions using in-house computer codes and commercial software packages. A physical model of a droplet micro-explosion based on experimental data was analyzed to highlight the schemes and mathematical expressions describing the critical conditions of parent droplet atomization. Approaches are presented that can predict the number, sizes, velocities, and trajectories of emerging child droplets. We also list the empirical data necessary for developing advanced fragmentation models. Finally, we outline the main growth areas for micro-explosion models catering for the needs of spray technology.