The growing demand for electrical energy and the impact of global warming leads to a paradigm shift in the power sector. This has led to the increased usage of renewable energy sources. Due to the intermittent nature of the renewable sources of energy, devices capable of storing electrical energy are required to increase its reliability. The most common means of storing electrical energy is battery systems. Battery usage is increasing in the modern days, since all mobile systems such as electric vehicles, smart phones, laptops, etc., rely on the energy stored within the device to operate. The increased penetration rate of the battery system requires accurate modelling of charging profiles to optimise performance. This paper presents an extensive study of various battery models such as electrochemical models, mathematical models, circuit-oriented models and combined models for different types of batteries. It also discusses the advantages and drawbacks of these types of modelling. With AI emerging and accelerating all over the world, there is a scope for researchers to explore its application in multiple fields. Hence, this work discusses the application of several machine learning and meta heuristic algorithms for battery management systems. This work details the charging and discharging characteristics using the black box and grey box techniques for modelling the lithium-ion battery. The approaches, advantages and disadvantages of black box and grey box type battery modelling are analysed. In addition, analysis has been carried out for extracting parameters of a lithium-ion battery model using evolutionary algorithms.