Synopsis : Nowadays, most of cold rolled steel sheets are produced in continuous annealing lines. In continuous annealing lines, the recovery, recrystallization, reverse transformation and dissolution of precipitates occur in the heating and homogenizing process and the transformation and precipitation occur in the cooling and aging process. The required microstructure and mechanical properties are created by controlling these metallurgical phenomena properly. For the sophisticated control of these phenomena, the model for predicting microstructure is a useful tool and therefore, many models have been developed. In this review, the present status of those models is surveyed and their problems and future tasks are discussed.