Development of accurate, real time models for rechargeable batteries is essential for efficient battery management and their safe operation. This paper presents a short review on the various existing rechargeable battery models. We propose a new classification of the models as being first principles based, surrogate first principles based, data-based and/or a hybrid of first principles and data based approaches. While we describe the state of the art in modeling, avenues for future research work in this area are also identified. We also evaluate these models from the perspective of their use in various operational tasks and their application potential.