Liver injury is a common cause of drug approval withdrawal during drug development, pre-clinical research, and clinical treatment. If not properly treated, patients with severe liver injury can suffer from acute liver failure or even death. Thus, utilization of the convenient in vitro hepatotoxicity assessment model for early detection of drug-induced hepatotoxicity is vital for drug development and safe personalized medication. Biomaterials (e.g., hydrogels, nanofibers, decellularized liver matrix) and bioengineering technologies (e.g., microarrays, micropatterns, 3D printing, and microfluidics) have been applied for in vitro hepatotoxicity assessment models. This review summarizes the structure and functions of the liver as well as the components of in vitro hepatotoxicity assessment models. In addition, it highlights the latest advances in developing hepatotoxicity models with the ultimate goal of further clinical translation.