OBJECTIVES: Numerous economic evaluations have assessed the cost-effectiveness of treatments for Alzheimer’s disease (AD) in the last two decades. New challenges for the future models of AD include: the new definition of AD as a continuous spectrum from mild-cognitive impairment (MCI) through the dementia stage, the emergence of disease-modifying therapies (DMTs), and the growing interest in biomarkers for the early diagnosis of AD. Therefore, it is important to understand the existing models of AD and how they could inform new model-based economic evaluations of treatments for AD. METHODS: A systematic review of cost-effectiveness studies of treatments for AD published in the last decade, including studies considering patients with MCI, was conducted. Articles were included if: (i) they were a full economic evaluation of approved treatments for AD; (ii) a decision-analytic model was used; (iii) were available in complete full-text format. The modeling approaches, their components, assumptions, data sources, analyses, and results were obtained from each study, identifying areas of improvement and future development. RESULTS: The included studies provide a variety of different modeling approaches. Major areas of improvement and future development are: (i) include domains of cognition, function, and behavior, rather than cognition alone to characterize the course of the disease; (ii) in economic evaluations targeting patients at the very early stages of the disease, the selection of validated and sensitive scales to disease progression, the inclusion of screening, and modeling the progression of biomarkers and their link with cognition, behavior, and function should be considered; (iii) economic evaluations of DMTs for AD would need to assess the impact of treatment on survival. CONCLUSIONS: Despite the advancements in economic models of AD, there remain several areas of improvement that are necessary to appropriately and realistically capture the broad nature of AD and to address the challenges of future economic models of treatments for AD.