Wood formation has received considerable attention across various research fields as a key process to model. Historical and contemporary models of wood formation from various disciplines have encapsulated hypotheses such as the influence of external (e.g., climatic) or internal (e.g., hormonal) factors on the successive stages of wood cell differentiation. This review covers 17 wood formation models from three different disciplines, the earliest from 1968 and the latest from 2020. The described processes, as well as their external and internal drivers and their level of complexity, are discussed. This work is the first systematic cataloging, characterization, and process-focused review of wood formation models. Remaining open questions concerning wood formation processes are identified, and relate to: (1) the extent of hormonal influence on the final tree ring structure; (2) the mechanism underlying the transition from earlywood to latewood in extratropical regions; and (3) the extent to which carbon plays a role as “active” driver or “passive” substrate for growth. We conclude by arguing that wood formation models remain to be fully exploited, with the potential to contribute to studies concerning individual tree carbon sequestration-storage dynamics and regional to global carbon sequestration dynamics in terrestrial vegetation models.