Travel mode choice is a daily decision-making behavior, and individual travel choice behavior is also a link that can not be ignored in the whole transportation system. Starting from the research of travel mode selection model, this paper expounds the principle of prospect theory model, regret theory model and its application in the field of transportation, summarizes the current emerging theories and models, focuses on the development and application of non aggregate model, comments on its advantages and disadvantages, and then compares and analyzes the three models.It is found that for the analysis of travel mode selection model, the non aggregate model is more applicable and is also the current mainstream analysis model, but it also has shortcomings.Finally, some future development and improvement directions are put forward.