Owing to the requirements for high performance and long life, the friction and wear problems of rolling piston type rotary compressors have drawn much attention. Various theoretical models have been developed and improved to reveal the inner state of the compressor and obtain the optimization schemes. However, there remain some disadvantages and research gaps in the corresponding modeling and mixed lubrication analyses, and a comprehensive summary is lacking. To have a better understanding of the research status, this paper reviews the theoretical model development and mixed lubrication analyses of the compressor in the past decades. The determination of compression pressure, the modeling process of moving components, and the key findings are presented in detail. On this basis, some important influencing factors and the problems remaining to be solved are also discussed. This paper provides multifaceted guidance for manufacturers and researchers to conduct further theoretical analysis and optimal design.