Simulation models have been used widely to help design, operate, control and optimize the processes of exploration and exploitation of natural gas hydrates and been responsible for many of the most important technology breakthroughs. Currently, a rich body of literature exists and is still evolving. This paper presents a critical review of the most influential works that are recognised as representative and important simulation models and links to the techniques commonly used in natural gas hydrate exploration and exploitation. Model background, ideal assumptions and main results are presented. Models are broadly classified into two categories: physically and empirically based models. Models are reviewed with comprehensive, although not exhaustive, publications. The strengths and limitations of the models are discussed. The paper is concluded by outlining open questions and new directions for future work. The review is useful for understanding the innovation process and the current and future status of simulation models on exploration and exploitation of natural gas hydrate and highlights the key aspects of model improvement.