Wave modeling is the art of evaluating the wave conditions at given time and position. Not only the main parameters are provided (height, period, and direction) but also the 2D spectrum, that is, how wave energy is distributed in frequency (i.e., period or wavelength) and direction. In this article, the basic problem, the undergoing physics, and how the methods for a correct hind‐forecast have evolved in time are described. A picture is given of the present situation and performance and of what we can expect for the future. A few examples and numerical results help in getting a first‐hand feeling of the state of the art and its practical possibilities. The high quality of the present model results, particularly if from large operational centers, is also stressed, but also warning is given about the problems still present in wave modeling, problems that become more evident in severe and extreme conditions, when both the physics and the numerics of the models are pushed to their extreme.