Accurate models for open quantum systems -- quantum states that have non-trivial interactions with their environment -- may aid in the advancement of a diverse array of fields, including quantum computation, informatics, and the prediction of static and dynamic molecular properties. In recent years, quantum algorithms have been leveraged for the computation of open quantum systems as the predicted quantum advantage of quantum devices over classical ones may allow previously inaccessible applications. Accomplishing this goal will require input and expertise from different research perspectives, as well as the training of a diverse quantum workforce, making a compilation of current quantum methods for treating open quantum systems both useful and timely. In this Review, we first provide a succinct summary of the fundamental theory of open quantum systems and then delve into a discussion on recent quantum algorithms. We conclude with a discussion of pertinent applications, demonstrating the applicability of this field to realistic chemical, biological, and material systems.