This paper reviews the nature of two quasiparticles, Majorana fermion and vison, emergent in the Kitaev model, mainly from the theoretical point of view. We demonstrate how the fractionalization of a quantum spin into these two quasiparticles occurs and clarify their properties in the presence and absence of magnetic fields. In addition to discussions on the itinerant nature inherent to Majorana fermions, the quantum dynamics of visons induced by an applied magnetic field is revealed. Fractional quasiparticles manifest themselves in temperature evolutions of thermodynamic quantities, excitation spectra, and transport properties. The formulations for them and calculation results are shown in detail. Based on the results, we present how the signatures of fractional quasiparticles appear in physical quantities. The paper also mentions the recent developments of the experimental and theoretical works of Kitaev-related systems and presents outlooks of studies on these systems.