The development of mathematical models to characterize perceptual and cognitive processes dates back almost to the inception of the field of psychology. Since the 1990s, human functional neuroimaging has provided for rapid empirical and theoretical advances across a variety of domains in cognitive neuroscience. In more recent work, formal modeling and neuroimaging approaches are being successfully combined, often producing models with a level of specificity and rigor that would not have been possible by studying behavior alone. In this review, we highlight examples of recent studies that utilize this combined approach to provide novel insights into the mechanisms underlying human cognition. The studies described here span domains of perception, attention, memory, categorization, and cognitive control, employing a variety of analytic and model-inspired approaches. Across these diverse studies, a common theme is that individually tailored, creative solutions are often needed to establish compelling links between multi-parameter models and complex sets of neural data. We conclude that future developments in model-based cognitive neuroscience will have great potential to advance our theoretical understanding and ability to model both low-level and high-level cognitive processes.