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Exergy is a thermodynamic property that represents the quantification of the maximum useful work that can be extracted from a system interacting with the environment. Regarding solar radiation, radiative exergy has been a matter of study over the last 60 years where the main models applied describe the radiation as undiluted and diluted. The exergy of solar radiation is useful in the preliminary assessment of the performance of solar technologies, since the efficiency of the system depends directly on this value. The present paper describes a review of the main models reported in the literature considering these two approaches, analysing the main differences between the models and the main assumptions applied. A comparative analysis is carried out for the models of diluted and undiluted radiation, where the behaviour of every expression is discussed in detail. For the undiluted expressions, the behaviour of every model within a temperature range is analysed. For black-body radiation at a source temperature of 6000 K, the model proposed by Jeter determines an exergy factor of 0.96, while Spanner, Petela, Press and Badescu calculate a value of 0.93. Parrott's model obtains a value of 0.99, which is above the value for Carnot efficiency. The diluted exergy expressions were evaluated according to wavelength and temperature range, where the trend in each comparison was that the exergy calculated from Karlsson, Candau and Petela was always the lowest. This result is attributed to the fact that these expressions consider the spectral entropy of the medium the radiation passes through. Finally, some new approaches are analysed which consider empirical correlations based on meteorological variables to model the exergy of solar radiation. [ABSTRACT FROM AUTHOR]