Photocatalysis is a fascinating process in which a photocatalyst plays a pivotal role in driving a chemical reaction when exposed to light. Its capacity to harness light energy triggers a cascade of reactions that lead to the formation of intermediate compounds, culminating in the desired final product(s). The essence of this process is the interaction between the photocatalyst’s excited state and its specific interactions with reactants, resulting in the creation of intermediates. The process’s appeal is further enhanced by its cyclic nature—the photocatalyst is rejuvenated after each cycle, ensuring ongoing and sustainable catalytic action. Nevertheless, comprehending the photocatalytic process through the modeling of photoactive materials and molecular devices demands advanced computational techniques founded on effective quantum chemistry methods, multiscale modeling, and machine learning. This review analyzes contemporary theoretical methods, spanning a range of lengths and accuracy scales, and assesses the strengths and limitations of these methods. It also explores the future challenges in modeling complex nano-photocatalysts, underscoring the necessity of integrating various methods hierarchically to optimize resource distribution across different scales. Additionally, the discussion includes the role of excited state chemistry, a crucial element in understanding photocatalysis.