Urban water management is increasingly important given the need to maintain water resources that comply with global and local standards of quantity and quality. The effective management of water resources requires the optimization of financial resources without forsaking social requirements. A number of mathematical models have been developed for this task; such models account for all components of the Urban Water Cycle (UWC) and their interactions. The wide range of models entails the need to understand their differences in an effort to identify their applicability, so academic, state, and private sectors can employ them for environmental, economic, and social ends. This article presents a description of the UWC and relevant components, a literature review of different models developed between 1990 and 2015, and an analysis of several case studies (applications). It was found that most applications are focused on new supply sources, mainly rainwater. In brief, this article provides an overview of each model’s use (primarily within academia) and potential use as a decision-making tool.