Railway transportation is exposed to a higher demand that necessitates the use of trains with higher speed and heavier axle loads. These increase the track geometry degradation rate, which needs a more effective control on geometry degradation. Keeping the track geometry in acceptable levels requires proper inspection and maintenance planning that inevitably entails in-depth knowledge of track geometry degradation. In addition, it is needed to identify the most effective approach for degradation modelling. To do so, it is vital to synthesis published results into a summary of what is known and validated and what is not as a major step. To this end, this paper reviews track degradation models, discusses various degradation measures, and proposes directions for future researches. It is found that combining the mechanistic and statistical approaches can leads to a more accurate prediction of track geometry degradation behaviour.