Finite element (FE) model updating is a well-recognised approach for Structural Health Monitoring (SHM) purposes, as an accurate model serves as a baseline reference for damage detection and long-term monitoring efforts. One of the many challenges is the development of the initial FE model that can accurately reflect the dynamic characteristics and the overall behaviour of a bridge. Given the size, slenderness, use of long cables, and high levels of structural redundancy, precise initial models of long-span cable-stayed bridges are desirable to better facilitate the model updating process and to improve the accuracy of the final updated model. To date, very few studies offer in-depth discussions on the modelling approaches for cable-stayed bridges and the methods used for model updating. As such, this article presents the latest advances in finite element modelling and model updating methods that have been widely adopted for cable-stayed bridges, through a critical literature review of existing research work.