Patient-Derived-Tumor-Xenografts (PDTX) represent one of the most promising platforms to model human cancer and its complexity. PDTX are able to closely recapitulate the principal features of donor tumors, and remain fairly stable along the passages, rendering them an ideal tool to serve as powerful and predictive models in oncology. Here we aimed to overview our current understanding of PDTX, and their potential applications in basic and translational cancer research. We briefly describe the methodological aspects of PDTX generation, and then focus on the usefulness of PDTX in tumor heterogeneity and clonal evolution studies, as well as their usage to dissect the host microenvironment and the emergence of drug resistance. We also focus on the key role of PDTX in the discovery of biomarkers and drug screening development. The limitations and future perspectives to further improve the PDTX models are also discussed.