The planetary roller screw mechanism, a novel high-performance electromechanical servo drive component, holds a central position in leading-edge equipment, attracting significant attention within the engineering community. This paper conducts a comprehensive review of current research and recent breakthroughs in the analysis of errors and transmission characteristics associated with the planetary roller screw mechanism. Drawing on the unique attributes of this mechanism, the analysis of errors is undertaken from two distinct angles: motion errors and machining errors. A foundational examination of the bearing characteristics of this mechanism serves as the cornerstone for assessing its transmission properties. The report delves into the impact on transmission performance from the perspectives of both accuracy and efficiency. In this study, each model and related literature are exhaustively described and examined in detail. Furthermore, we critically evaluate the key discoveries emanating from various models and numerical simulations, shedding light on potential future directions in the realm of errors and transmission characteristics of the planetary roller screw mechanism.