Efforts towards the numerical simulation of the Baltic Sea wave properties, started in the 1950s, have reached maturity by the implementation of contemporary third generation spectral wave models, such as WAM and SWAN. The purpose of this paper is to give an overview of the relevant efforts since the beginning of numerical wave simulations. The Sverdrup-Munk-Bretschneider (SMB) type models are still valuable tools for rapid estimates of some properties of wave climate in single locations. The spatial resolution of spectral wave models for the entire sea has increased from about 20 km to 1 km, and to 100–200 m in specific areas. The number of directional bins has increased from 10–15 to 24–36 and the number of spectral frequency bins from about 15 to 35–42. The models replicate all main features of the wave climate of the Baltic Sea, such as an overall mild but intermittent wave climate, the predominance of short windseas and the scarcity of long swell, east-west asymmetry, the strong impact of seasonal ice, and the specific properties of wave growth in some areas. The wave climate changes involve variations in regional wave intensity, core properties of wave-driven sediment transport and wave set-up. Reconstruction of wave properties in the nearshore, archipelago areas, and in narrow subbasins remains a challenge. These areas require finer spatial resolution and possibly advancement of wave physics to account for changes in the spectral composition of wave fields and specific features of wave growth in narrow basins. Progress in these fields is a pillar for a number of applications, from the quantification of sediment transport to proper input into management issues of the coastal zone.