In this paper we present an analysis of uses of infinity in "applied mathematics", by which we mean mathematics as a tool for understanding the real world (whatever the latter means). This analysis is based on certain developments in Model Theory, and lessons and question related to these developments. Model theory occupies a special position in mathematics, with its aim from the very outset being to study real mathematical structures from a logical point of view and, more ambitiously, to use its unorthodox methods and approaches in search of solutions to problems in core mathematics. Model-theorists made an impact and gained experience and some deep insights in many areas of mathematics: number theory, various fields of algebra, algebraic geometry, real and complex geometry, the theory of differential equations, real and complex analysis, measure theory. The present author believes that model theory is wellequipped to launch an attack on some prolems of modern physics. This article, in particular, discusses what sort of problems and challenges of physics can be tackled model-theoretically. Another topic of the discussion, in our view intrinsically related to the first one, is the way mathematical infinities arise from finite structures, the concept of limit and its variations.