Virtual Prototypes of processor-based SoCs are widely used by semiconductor and system companies in many application domains like mobile communications, automotive, Internet of Things, storage, networking, and deep learning. They help to reduce risk, shorten time to market, increase design productivity, and improve the quality of results. This chapter motivates the usage of Virtual Prototypes and gives an extensive overview of the use-cases in the area of architecture analysis, software development, and functional verification of processor-based platforms. This chapter also covers the modeling of Virtual Prototypes, including an introduction of the SystemC Transaction Level Modeling (TLM) standard and the modeling of processors and peripheral components. In the last section, the described concepts of Virtual Prototyping are illustrated by an SSD Controller example.