CFD and lumped parameter models are available in the literature for the analysis of pressure tanks under fire exposure. The first type of models allows for a detailed representation of the phenomena occurring in the tank, providing accurate results in terms of pressurization rate and temperature distribution. However, they are computationally expensive and are currently unable to simulate PRV opening. Lumped parameter models run in very short time, but may lead to not conservative results. The present contribution provides an overview of the strengths and limitations of both approaches, highlighting the new challenges posed by the development of models for the analysis of cryogenic tanks exposed to fire.