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In a world of fast technological advancements, it is increasingly important to see how hydrocracking applications can benefit from and adapt to digitalization. A review of hydrocracking processes from the perspective of modeling and characterization methods is presented next to an investigation on digitalization trends. Both physics-based and data-based models are discussed according to their scope of use, needs, and capabilities based on open literature. Discrete and continuous lumping, structure-oriented lumping, and single event micro-kinetic models are reported as well as artificial neural networks, convolutional neural networks, and surrogate models. Infrared, near-infrared, ultra-violet and Raman spectroscopic methods are given with their examples for the characterization of feed or product streams of hydrocracking processes regarding boiling point curve, API, SARA, sulfur, nitrogen and metal content. The critical points to consider while modeling the system and the soft sensor are reported as well as the problems to be addressed. Optimization, control, and diagnostics applications are presented together with suggested future directions of interdisciplinary studies. The links required between the models, soft sensors, optimization, control, and diagnostics are suggested to achieve the automation goals and, therefore, a sustainable operation.