Traditional mathematical approaches to studying analytically the dynamics of neural networks rely on the mean-field approximation, which is rigorously applicable only to networks of infinite size. However, all existing real biological networks have finite size, and many of them, such as microscopic circuits in invertebrates, are composed only of a few tens of neurons. Thus, it is important to be able to extend to small-size networks our ability to study analytically neural dynamics. Analytical solutions of the dynamics of finite-size neural networks have remained elusive for many decades, because the powerful methods of statistical analysis, such as the central limit theorem and the law of large numbers, do not apply to small networks. In this article, we critically review recent progress on the study of the dynamics of small networks composed of binary neurons. In particular, we review the mathematical techniques we developed for studying the bifurcations of the network dynamics, the dualism between neural activity and membrane potentials, cross-neuron correlations, and pattern storage in stochastic networks. Finally, we highlight key challenges that remain open, future directions for further progress, and possible implications of our results for neuroscience. arXiv:1904.12798v1 [q-bio.NC] 29 Apr 2019 is a consequence of their thresholding activation function, which can be considered as the simplest, piecewise-constant, approximation of the non-linear (and typically sigmoidal shaped) graded input-output relationship of biological neurons. Despite their simplicity, as shown both by classic work [1,33,40,50,64], as well as by our work reviewed here [29][30][31], the jump discontinuity of their activation function at the threshold is sufficient to endow binary networks with a complex set of useful emergent dynamical properties and non-linear phenomena, such as attractor dynamics [4], formation of patterns and oscillatory waves [3], chaos [73], and information processing capabilities [2], which are reminiscent of neuronal activity in biological networks.The importance of binary network models is further strengthened by their close relationship with spin networks studied in physics [43,55,56,70]. The temporal evolution of a binary network in the zero-noise limit is isomorphic to the dynamics of kinetic models of spin networks at absolute temperature [34]. This allowed computational neuroscientists to study the behavior of large-size binary networks, by applying the powerful techniques of statistical mechanics already developed for spin models (see e.g. [21]).Sizes of brains and of specialized neural networks within brains change considerably across animal species, ranging from few tens of neurons in invertebrates such as rotifers and nematodes, to billions of neurons in cetaceans and primates [76]. Network size changes also across levels of spatial organizations, ranging from microscopic and mesoscopic levels of organization in cortical micro-columns and columns (including from few tens [58] to few tens of thousands ...