Mice are the preferred model organisms in tumor and cancer research, concerning tumor biology (initiation, progression, and metastasis) or developing and screening the potential therapeutics. Different murine models including genetically engineered mice (GEM), xenografts, and chemical models may be used for this purpose. By reviewing the most recent scientific reports and publications, in the current paper, these models and their applications in different aspects of cancer research are introduced and their advantages and pitfalls are discussed. This article summarizes the opportunities provided by each model and their limitations and the fundamental differences between mouse and human such as species-specific and pharmacological differences. This article shed light on some key points for selection of the best murine model depending on the purpose of the research.