The resonant tunneling diode (RTD) has been widely studied because of its importance in the field of nanoelectronic science and technology and its potential applications in very high speed/functionality devices and circuits. Even though much progress has been made in this regard, additional work is needed to realize the full potential of RTD's. As research on RTD's continues, we will try in this tutorial review to provide the reader with an overall and succinct picture of where we stand in this exciting field or research and to address the following questions: What makes RTD's so attractive? To what extent can RTD's be modeled for design purposes? What are the required and achievable device properties in terms of digital logic applications? To address these issues, we review the device operational principles, various modeling approaches, and major device properties. Comparisons among the various RTD physical models and major features of RTD's, resonant interband tunneling diodes, and Esaki tunnel diodes are presented. The tutorial and analysis provided in this paper may help the reader in becoming familiar with current research efforts, as well as to examine the important aspects in further RTD developments and their circuit applications.