The integration of photovoltaic (PV) and wind turbine (WT) systems into modern power grids demands not only accurate component-level models but also a holistic understanding of their coordinated operation. This review bridges the gap between low-level device physics and high-level system coordination, offering a dual perspective often overlooked in existing surveys that treat generation and management separately. We systematically analyze PV models, from single-diode equivalent circuits to data-driven approaches, and WT models, ranging from aerodynamic and mechanical representations to simplified electrical equivalents suitable for stability studies. Critically, we then shift focus to the system level by examining Energy Management Systems (EMS) that enable hybrid PV–WT coordination. Unlike prior reviews that emphasize either component accuracy or dispatch strategies alone, this paper highlights the emerging synergy between hybrid PV–WT modeling and EMS architectures. By identifying mismatches between model fidelity and EMS requirements, this review maps a pathway towards more integrated hybrid renewable systems. The discussion synthesizes key trade-offs in scalability, uncertainty handling, and real-time feasibility, underscoring that true potential is unlocked only through intelligent integration of component models and control architectures.