This paper reviews recent advances in physical modeling of interfacial and transport phenomena in electric double layer capacitors (EDLCs) under both equilibrium and dynamic cycling. The models are based on continuum theory and account for (i) the Stern layer at the electrode/electrolyte interface, (ii) finite ion sizes, (iii) steric repulsions, (iv) asymmetric electrolytes featuring ions with different valencies, effective diameters, or diffusion coefficients, (v) electric-field-dependent dielectric permittivity of the electrolyte, and/or (vi) porous three-dimensional morphology of the electrodes. Typical characterization methods such as electrochemical impedance spectroscopy, cyclic voltammetry, and galvanostatic cycling were reproduced numerically to identify the dominant physical phenomena and to gain insight into experimental observations. In addition, recent thermal models derived from first principles for EDLCs under constant-current cycling accounting for irreversible Joule heating and reversible heat generation rates due to ion diffusion, steric effects, and changes in entropy are discussed. Scaling analyses of both equilibrium and dynamic models are also presented as a way to identify self-similar and asymptotic behaviors as well as to develop design rules for electrodes and electrolytes of next generation EDLCs. Throughout the document, special effort has been made to compare model predictions with experimental observations and reported data.