Retirement is a multi-phased dynamic process whereby retirees draw pensions at a specific age. There are three types of retirement models, viz., the Antecedent Model, the Process Model and the Outcome Model. The Antecedent Model of Retirement includes Classic Antecedent Model of Retirement and Multilevel-model of Retirement, which address antecedents of retirement respectively in individual- environment and macroscopic views. The Process Model of Retirement involves the Three-Phase Model of Retirement Decision-Making, the Temporal Process Model of Retirement and the Resource-based Dynamic Model for Retirement Adjustment; they reveal the process of retirement from the perspectives of the phasing, individuality and dynamics of retirement. The Outcome Model of Retirement explores the effect of retirement on individuals and organizations. In addition, the Four-Phase Model for Retirement is an integrated model based on Western models and in the light of China’s reality. It is suggested that future studies in this field focus on increasing the diversity of objects, revealing the functioning mechanism of psychological variables that affect retirement, improving the applicability, and facilitating the indigenization of the latest study.