One of the primary steps in managing the flow in an open channel is determining its properties. Empirical equations are developed to provide further information regarding the flow in open channels. Obtaining such experimental equations is expensive and time consuming; therefore, alternative solutions have been sought. Over the last century, the Parshall flume, a static measuring device with no moving parts, has played a significant role in measuring the flow in open channels. Many researchers have focused their interest on studying the application of Parshall flumes in various fields like irrigation and wastewater management. Although various scholars used experimental results to enhance the rating equation of the Parshall flume, others used an alternative source of data to recalibrate the height–discharge relation equation using numerical simulation. Computational Fluid Dynamic (CFD) software is becoming popular nowadays as computing hardware has advanced significantly within the last few decades, making it possible to go beyond the limited resolution that was experienced in the past. Multiple CFD models, depending on their availability, either open-source or commercially licensed, have been used to perform numerical simulations on different configurations of flumes, especially Parshall flumes, to produce water level results. Regarding various CFD tools that have been used, i.e., FLOW-3D, Ansys Fluent, or OpenFOAM, after precise calibration with experimental data, it has been determined that the output is reliable and can be implemented to the actual scenarios. The benefit of using this technique to produce results is the ability of the CFD approach to adjust the initial conditions, like flow velocity or structural geometry, where necessary. With respect to channel size and the condition of the site where the flume is located, the choices are narrowed to the specific Parshall flume suitable to the situation. It is not always possible to select the standard Parshall flume; therefore, engineers provide some modification to the closest flume size and provide a new rating curve to produce accurate flowrates. This review has been performed on the works of a number of scholars who targeted the application of numerical simulation and physical experimental data in Parshall flumes to either enhance the existing rating equation or propose further modification to the structure’s geometry.