Proton exchange membrane fuel cells (PEMFCs) have been recognized as a promising power generation source for a wide range of automotive, stationary, and portable electronic applications. However, the durability of PEMFCs remains as one of the key barriers to their wide commercialization. The membrane electrode assembly (MEA) as a central part of a PEMFC, which consists of a proton exchange membrane with a catalyst layer (CL) and gas diffusion layer (GDL) on each side, is subject to failure and degradation in long-running and cycling load conditions. The real-time monitoring of the degradation evolution process through experimental techniques is challenging. Therefore, different numerical modeling approaches were proposed in the literature to assist the understanding of the degradation mechanisms in PEMFCs. To provide modeling progress in the addressed field, this paper briefly discusses the different degradation mechanisms occurring in the MEA. In particular, we present a detailed review of MEA degradation modeling research work, with special attention paid to the physical-based models (mechanistic models). Following the most recent relevant literature, the results showed that the combination of microstructure component models with macro-scale comprehensive PEMFC models provides a better understanding of degradation mechanisms when compared to single-scale degradation models. In this sense, it is concluded that in order to develop an accurate and efficient predictive degradation model, the different relevant scales ranging from nano- to macro-sized scales should be considered, and coupling techniques for multiscale modeling have to be advanced. Finally, the paper summarizes the degradation models for different MEA components. It is highlighted that the GDL chemical degradation models that describe damage accumulation are relatively limited. The paper provides a useful reference for the recent developments in the MEA degradation modeling of PEMFCs.