Toxicity risk assessment of chemical mixture possesses huge challenges due to limited evidence on toxicity of compounds, the infinite number of chemical combinations makes the problem even more difficult. Normally, prediction of joint mixture toxicity depends on toxicological data of constituent compounds, although lack of information on dose-response of chemical mixture raises serious concerns on human health. Component-based approaches mainly use dose-addition or response-addition method to assess mixture toxicity risk exposure. Several models based on theoretical concepts of concentration/dose addition and independent/response action were also developed but these models do not address chemical interactions in mixture, and were mostly used to assess ecological risk exposure with limited or no information on human health risk assessment. This paper reviews available models to predict joint toxicity of chemical mixtures, and most applicable one to address human health risk exposure was identified. United States Environmental Protection Agency (US EPA) weight-of-evidence hazard index (HI) based approach seems to be most appropriate to predict joint toxicity of chemical mixtures, and applicability of model is explained using emerging contaminants as an example. The review also identified challenges in implementing the interaction-based EPA approach and highlighted the need for necessary future research actions.