Lighting models are mathematical representations used in computer graphics to simulate how light interacts with surfaces. They help create realistic images by determining how light reflects, refracts, and absorbs when it hits different materials. Common lighting models include Phong, Blinn-Phong, and Lambertian, each offering varying levels of complexity and realism. These models consider factors like the light source's position, intensity, and color, as well as the surface properties of objects, such as shininess and texture. By using these models, artists and developers can achieve visually appealing results in applications like video games, animations, and simulations.