Over the last decade, many efforts have been deployed to develop models for the prediction, the control, the optimization and the parameter estimation of Lithium-ion (Li-ion) batteries. It appears that the most successful electrochemical-based model for Li-ion battery is the Pseudo-two-Dimensional model (P2D). Due to the fact that the governing equations are complex, this model cannot be used in real-time applications like Battery Management Systems (BMSs). To remedy the situation, several investigations have been carried out to simplify the P2D model. Mathematical and physical techniques are employed to reduce the order of magnitude of the P2D governing equations. The present paper is a review of the studies on the modeling of Li-ion batteries with simplified P2D models. The assumptions on which these models rest are stated, the calculation methods are examined, the advantages and the drawbacks of the models are discussed and their applications are presented. Suggestions for overcoming the shortcomings of the models are made. Challenges and future directions in the modeling of Li-ion batteries are also discussed.