Interest in the mathematical modeling of the carbohydrate metabolism regulation system increases in recent years. This is associated with a «closed loop» insulin pump development (it controls an insulin infusion depending on the blood glucose level). To create an algorithm for the automatic control of insulin (and other hormones) infusion using an insulin pump it is necessary to accurately predict glycaemia level. So, the primary objective of mathematical modeling is to predict the blood glucose level changes, caused by the wide range of external factors. This review discusses the main mathematical models of blood glucose level control physiological system (simplified insulin–glucose system). The two major classes of models — empirical and theoretical — are described in detail. The ideal mathematical model of carbohydrate metabolism regulatory system is absent. However, the success in the field of blood glucose level control modeling and simulating is essential for the further development of diabetes prevention and treatment technologies, and creating an artificial pancreas in particular.