Thermochemical processes, which include pyrolysis, torrefaction, gasification, combustion, and hydrothermal conversions, are perceived to be more efficient in converting waste biomass to energy and value-added products than biochemical processes. From the chemical point of view, thermochemical processes are highly complex and sensitive to numerous physicochemical properties, thus making reactor and process modeling more challenging. Nevertheless, the successful commercialization of these processes is contingent upon optimized reactor and process designs, which can be effectively achieved via modeling and simulation. Models of various scales with numerous simplifying assumptions have been developed for specific applications of thermochemical conversion of waste biomass. However, there is a research gap that needs to be explored to elaborate the scale of applicability, limitations, accuracy, validity, and special features of each model. This review study investigates all above mentioned important aspects and features of the existing models for all established industrial thermochemical conversion processes with emphasis on waste biomass, thus addressing the research gap mentioned above and presenting commercial-scale applicability in terms of reactor designing, process control and optimization, and potential ways to upgrade existing models for higher accuracy.