<p>Droplet formation and growth occur in various industrial equipment such as steam turbines, supersonic separators, and thrusters. By the decrease in temperature through the nozzle of these equipment, non-equilibrium condensation may occur. Due to the complexity and practical application of this phenomenon, simplifying assumptions are applied in numerous studies during the derivation of nucleation and growth models. These assumptions do not correspond well with the thermodynamics of condensation and evaporation phenomena. Consequently, it is imperative to comprehensively present the non-equilibrium condensation physics and concepts to modify the models of droplet nucleation and growth in high-speed mixtures. In this review, the fundamentals of non-equilibrium condensation and its applications are mentioned first. Then, the most important corrections present in the literature on nucleation and droplet growth modeling are compiled and evaluated in terms of accuracy. The results show that the surface tension corrections, and Kantrowitz models provide the best accuracy in predicting flow and condensation parameters among the nucleation models. In addition, it is demonstrated that the general Bakhtar model, which simultaneously satisfies the mass and energy conservation for the droplets, provides a more reliable theory and accuracy than the common droplet temperature approximation models and can be used in multi-component flows.</p>