The interface between fiber and matrix, which acts as a stress transfer medium, determines the short- and long-term performance of Fiber-Reinforced Polymer (FRP) composites in load-bearing situations. This paper provides a comprehensive review of the recent advancements in computational modeling and simulation approaches reported in the literature for predicting the debonding process and damage at the interface in FRP composites. A brief overview of the theoretical foundations of each methodology employed in this review is given at the outset. The numerical techniques most frequently used for solving interface failure problems include the Boundary Element Method (BEM), Virtual Crack Closure Technique (VCCT), Cohesive Zone Modeling (CZM), eXtended Finite Element Method (XFEM),Discrete Element Method (DEM), and Molecular Dynamics Simulation (MD). Each of these approaches has its own distinct characteristics and brings particular difficulties and abilities, which will be outlined in the manuscript and presented in more depth. Thus, the purpose of this paper is to demonstrate the reliability of existing computational models for simulating the fiber/matrix interface in FRP composites, as well as to draw conclusions and suggest directions for future research.