In the process of electro-mechanical transduction of ionic polymer-metal composites (IPMCs), the transport of ion and water molecule plays an important role. In this paper, the theoretical transport models of IPMCs are critically reviewed, with particular emphasis on the recent developments in the latest decade. The models can be divided into three classes, thermodynamics of irreversible process model, frictional model and Nernst-Planck (NP) equation model. To some extent the three models can be transformed into each other, but their differences are also obvious arising from the various mechanisms that considered in different models. The transport of ion and water molecule in IPMCs is compared with that in membrane electrode assembly and electrodialysis membrane to identify and clarify the fundamental transport mechanisms in IPMCs. And an improved transport model is proposed and simplified for numerical analysis. The model considers the convection effect rather than the diffusion as the major transport mechanism, and both the self-diffusion and the electroosmosis drag are accounted for in the water flux equation