Biomechanical modeling of the breast is a burgeoning research field that has potential uses across a wide range of healthcare applications. This review describes recent developments regarding multi-modal breast image analysis, and outlines some of the key challenges that researchers face in introducing the models into the clinical arena. Deformable breast models have demonstrated capabilities across a wide range of breast cancer diagnoses and treatments. Specific applications include magnetic resonance (MR) image guided surgery, registration of x-ray and MR images, and breast reduction/augmentation surgery planning. Challenges lie in improving the fidelity of these models, which are presently simplistic and use many unverified parameters. Specific challenges include characterization of individual-specific mechanical properties of breast tissues, precise representation of loading and boundary constraints during different clinical procedures, and validation of modeling techniques used to represent key mechanical aspects such as the suspensory Cooper's ligaments. Scientists must also work towards translating their research tools into the clinical setting by developing efficient tools with user-friendly interactivity. Widespread adoption of such techniques has the potential to significantly reduce the numbers of misdiagnosed breast cancers and enhance surgical planning for patient treatment.