Over 30 years have passed since activity-based travel demand models (ABMs) emerged to overcome the limitations of the preceding models which have dominated the field for over 50 years. Activity-based models are valuable tools for transportation planning and analysis, detailing the tour and mode-restricted nature of the household and individual travel choices. Nevertheless, no single approach has emerged as a dominant method, and research continues to improve ABM features to make them more accurate, robust, and practical. This paper describes the state of art and practice, including the ongoing ABM research covering both demand and supply considerations. Despite the substantial developments, ABM’s abilities in reflecting behavioral realism are still limited. Possible solutions to address this issue include increasing the inaccuracy of the primary data, improved integrity of ABMs across days of the week, and tackling the uncertainty via integrating demand and supply. Opportunities exist to test, the feasibility of spatial transferability of ABMs to new geographical contexts along with expanding the applicability of ABMs in transportation policy-making.