The ability of polymer microgels to rapidly respond to external stimuli is of great interest in sensors, lubricants, and biomedical applications, among others. In most of their uses, microgels are subjected to shear, deformation, and compression forces or a combination of them, leading to variations in their rheological properties. This review article mainly refers to the rheology of microgels, from the hard sphere versus soft particles’ model. It clearly describes the scaling theories and fractal structure formation, in particular, the Shih et al. and Wu and Morbidelli models as a tool to determine the interactions among microgel particles and, thus, the viscoelastic properties. Additionally, the most recent advances on the characterization of microgels’ single-particle interactions are also described. The review starts with the definition of microgels, and a brief introduction addresses the preparation and applications of microgels and hybrid microgels.