This review article provides a critical assessment of the progress made in computational modelling of metal-based additive manufacturing (AM) with emphasis on its ability to predict physical phenomena, concepts of microstructural evolution, residual stresses, role of multiple thermal cycles, and formation of multi-dimensional defects along with the achieved degree of experimental validation. The uniqueness of this article stems from the inclusion of comprehensive information on computational progress in the field of fusion-based, sintering-based, and mechanical deformation-based AM. A computational model's role in determining the process framework for the desired outcome of the set properties of the AM components is recognised while presenting the process-microstructure maps, thereby appraising computational ability towards the qualification of products. The inclusion of a detailed discussion on the bi-directional coupling of machine learning and physics-based computational models provides a futuristic roadmap for the digital twin of metal-based AM.