This document reviews literature on using smart water meters to model and manage residential water demand. It discusses how smart meter data collected at high temporal and spatial resolution has advanced the ability to characterize, model, and design water conservation strategies. However, research thus far has focused on these aspects separately without much integration. The review provides a framework to classify water demand modeling studies and identifies trends and future challenges, such as supporting more integrated modeling and management approaches to address growing populations, limited water resources, and climate change impacts across many countries.