Elastomers are often used to reduce vibration and influence the vibration behavior of dynamically loaded systems due to their damping properties. To reduce costs, Finite Element Method (FEM)-based designs are used in the early stages of the development process. To date, there is no universal material and fatigue model because the mechanical properties and service life of elastomers depend on many different factors, such as material composition, stress, and external influences. This review provides an overview of FEM-based models for predicting the fatigue life of dynamically stressed elastomers. It summarizes existing FEM-based fatigue life prediction models, focusing on the different methodological approaches. In addition, the strengths and weaknesses of each model and their industrial applicability are discussed. The research was conducted using Scopus and ScienceDirect databases. Despite the use of FEM-based approaches, the complex, hyperelastic behavior of elastomers remains a challenge. In addition, the universal applicability of the models is still a critical hurdle.