Emulsions form a large group of food materials. Many foods are either partly or wholly emulsions or are in the form of emulsion at some stage of the production process. A good understanding of the rheological properties of emulsions, especially their shear viscosity, is essential in the design, formulation, and processing of food emulsions. The texture and mouthfeel of food emulsions are also largely influenced by emulsion viscosity. Therefore, it is of practical importance to be able to correlate and predict emulsion viscosity as a function of droplet concentration and other relevant variables. In this article, the recent developments made in the viscosity modeling of concentrated emulsions are reviewed. The viscosity models for concentrated emulsions published in the twenty-first century are discussed, compared, and evaluated using a large body of experimental viscosity data available on emulsions. The effects of droplet size distribution and capillary number on the viscosity of concentrated emulsions are also discussed in detail. A new generalized viscosity model is developed for concentrated emulsions that includes the effect of capillary number and is accurate with small average percent relative error (within 3%).