Dielectric elastomers (DEs) respond to applied electric voltage with a surprisingly large deformation, showing a promising capability to generate actuation in mimicking natural muscles. A theoretical foundation of the mechanics of DEs is of crucial importance in designing DE-based structures and devices. In this review, we survey some recent theoretical and numerical efforts in exploring several aspects of electroactive materials, with emphases on the governing equations of electromechanical coupling, constitutive laws, viscoelastic behaviors, electromechanical instability as well as actuation applications. An overview of analytical models is provided based on the representative approach of non-equilibrium thermodynamics, with computational analyses being required in more generalized situations such as irregular shape, complex configuration, and time-dependent deformation. Theoretical efforts have been devoted to enhancing the working limits of DE actuators by avoiding electromechanical instability as well as electric breakdown, and pre-strains are shown to effectively avoid the two failure modes. These studies lay a solid foundation to facilitate the use of DE materials, structures, and devices in a wide range of applications such as biomedical devices, adaptive systems, robotics, energy harvesting, etc.