This paper focuses on the electrical modeling techniques of renewable energy sources and storage devices such as batteries, fuel cells (FCs), photovoltaic (PVs) arrays, ultra-capacitors (UCs), and flywheel energy storage systems (FESS). All of these devices are being investigated recently for their typical storage and supply capabilities for various industrial applications. Hence, these devices must be modeled precisely taking into account the concerned practical issues. An obvious advantage of electrically modeling these renewable energy sources and storage devices is the fact that they can easily be simulated in real-time in any CAD simulation program. This paper reviews several types of suitable models for each of the above-mentioned devices and the most appropriate model amongst them is presented. Furthermore, a few important applications of these devices shall also be highlighted.