Microplastics pollution has led to irreversible environmental consequences and has triggered global concerns. It has been shown that water resources and marine food consumers are adversely affected by microplastics due to their physico-chemical characteristics. This study attempts to comprehensively review the structure of four well-known Lagrangian particle-tracking models, i.e., Delft3D—Water Quality Particle tracking module (D-WAQ PART), Ichthyoplankton (Ichthyop), Track Marine Plastic Debris (TrackMPD), and Canadian Microplastic Simulation (CaMPSim-3D) in simulating the fate and transport of microplastics. Accordingly, the structure of each model is investigated with respect to addressing the involved physical transport processes (including advection, diffusion, windage, beaching, and washing-off) and transformation processes (particularly biofouling and degradation) that play key roles in microplastics’ behavior in the marine environment. In addition, the effects of the physical properties (mainly size, diameter, and shape) of microplastics on their fate and trajectories are reviewed. The models’ capabilities and shortcomings in the simulation of microplastics are also discussed. The present review sheds light on some aspects of microplastics’ behavior in water that were not properly addressed in particle-tracking models, such as homo- and hetero-aggregation, agglomeration, photodegradation, and chemical and biological degradation as well as additional advection due to wave-induced drift. This study can be regarded as a reliable steppingstone for the future modification of the reviewed models.