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Advances in quantum computing with applications in combinatorial optimization have evolved at an increasing rate in recent years. The quadratic unconstrained binary optimization (QUBO) model is at the center of these developments and has become recognized as an effective alternative method for representing a wide variety of combinatorial optimization problems. Additional momentum has resulted from the arrival of quantum computers and their ability to solve the Ising spin glass problem, another form of the QUBO model. This paper highlights advances in solving QUBO models and extensions to more general polynomial unconstrained binary optimization (PUBO) models as important alternatives to traditional approaches. Computational experience is provided that compares the performance of unique quantum‐inspired metaheuristic solvers—the Next Generation Quantum (NGQ) solver for QUBO models and the NGQ‐PUBO solver for PUBO models—with the performance of CPLEX and the Dwave quantum advantage solver. Extensive results, including experiments with a set of large set partitioning problems representing the largest QUBO models reported in the literature to date, along with maximum diversity and max cut problem sets, disclose that our solvers outperform both CPLEX and Dwave by a wide margin in terms of both computational time and solution quality. [ABSTRACT FROM AUTHOR]