Concurrent production of electrical and thermal energy from a Combined Heat and Power (CHP) device is an attractive tool to address the growing energy needs of the planet. Micro CHP (µCHP) systems can reduce a building’s primary energy consumption, reduce carbon footprint, and enhance resiliency. Modeling of the µCHP helps understand the system from multiple perspectives and helps discover errors earlier, improves impact analysis and simulation of system solutions for ease of integration with the building. Consequently, there is a need for analysis of the impact of µCHP modeling approach on its reliability and flexibility. The primary objective of this paper is to review the state-of-the art models in the µCHP space with a focus towards internal combustion engine as the primary mover (PM) and limit the study to system modeling, calibration, and validation methodologies. Based on the analysis, recommendations for further model considerations and refinements are presented.