This article provides an in-depth review of computational methods for predicting transcriptional regulators with query gene sets. Identification of transcriptional regulators is of utmost importance in many biological applications, including but not limited to elucidating biological development mechanisms, identifying key disease genes, and predicting therapeutic targets. Various computational methods based on next-generation sequencing (NGS) data have been developed in the past decade, yet no systematic evaluation of NGS-based methods has been offered. We classified these methods into three categories based on shared characteristics, namely library-based, region-based, and task-based methods. We further conducted benchmark studies to evaluate the accuracy, sensitivity, coverage, and usability of NGS-based methods with molecular experimental datasets. Results show that BART, ChIP-Atlas, and Lisa have relatively better performance. Besides, we address the limitations of NGS-based methods and explore potential directions for further improvement.Key pointsAn introduction to available computational methods for predicting functional TRs from a query gene set.A detailed walk-through along with the practical concerns and limitations.A systematic benchmark of thirteen methods by using 570 TR perturbation-derived gene sets, including accuracy, usability, coverage, and sensitivity.NGS-based methods perform better than motif-based methods, while methods with large databases and region-centric approaches perform better.BART, ChIP-Atlas, and Lisa are recommended as these methods have overall better performance in evaluated scenarios.