Track deterioration models (TDMs) help to allocate maintenance work (direct costs) to vehicle runs. Furthermore, these models demonstrate the impact of rolling stock properties on infrastructure. This paper review provides an overview of the state of the art in railway track deterioration modelling and outlines the research potential in this domain. The main focus lies on ballast degradation, rail surface wear and fatigue, and their description in an empiric analytic wear formula. The basis for discussion is the wear formula of the Graz University of Technology. While the TDM demonstrates effectiveness, enhancements are sought, particularly with regard to adjusting the track parameters that vary across railway networks. Further exploration aims to refine the description of rail surface wear and rolling contact fatigue (RCF), incorporating factors such as traction energy and short-wave effects and adapting mathematical functions such as the t-Gamma function. This review underscores the need for ongoing research to develop TDMs that are both simple and detailed enough to encourage track-friendly rolling stock design.