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In this review, recent advances in compact modeling of organic field-effect transistors (OFETs) are presented. Despite the inherent strength for printed flexible electronics and the extremely aggressive research conducted over more than three decades, the OFET technology still seems to remain at a relatively low technological readiness level. Among various possible reasons for that, the lack of a standard compact model, which effectively bridges the device- and system-level development, is clearly one of the most critical issues. This article broadly discusses the essential requirements, up-to-date progresses, and imminent challenges for the OFET compact device modeling toward a universal, physically valid, and applicable description of this fast-developing technology.