Nowadays, China BeiDou Navigation Satellite System (BDS) has been developed well and provided global services with highly precise positioning, navigation and timing (PNT) as well as unique short-message communication, particularly global system (BDS-3) with higher precision multi-frequency signals. The precise point positioning (PPP) can provide the precise position, receiver clock, and zenith tropospheric delay (ZTD) with a stand-alone receiver compared to the traditional double differenced relative positioning mode, which has been widely used in PNT, geodesy, meteorology and so on. However, it has a lot of challenges for multi-frequency BDS PPP with different strategies and more unknown parameters. In this paper, the detailed PPP models using the single-, dual-, triple-, and quad-frequency BDS observations are presented and evaluated. Firstly, BDS system and PPP method are introduced. Secondly, the stochastic models of time delay bias in BDS-2/BDS-3 PPP including the neglection, random constant, random walk and white noise are presented. Then, three single-frequency, four dual-frequency, four triple-frequency and four quad-frequency BDS PPP models are provided. Finally, the BDS PPP models progress and performances including theoretical comparison of the models, positioning performances, precise time and frequency transfer, ZTD, inter-frequency bias (IFB) and differential code bias (DCB) are presented and evaluated as well as future challenges. The results show that the multi-frequency BDS observations will greatly improve the PPP performances.