Affective Computing and emotion recognition hold significant importance in healthcare, identity verification, human–computer interaction, and related fields. Accurate identification of emotion is crucial for applications in medicine, education, psychology, and military domains. Electroencephalographic (EEG) signals have gained widespread application in emotion recognition due to their inherent characteristics of being non-concealable and directly reflecting brain activity. In recent years, with the establishment of open datasets and advancements in deep learning, an increasing number of researchers have integrated EEG with deep learning methods for emotion recognition studies. This review summarizes commonly used deep learning models in EEG-based emotion recognition along with their applications in this field, including the design of different network architectures, optimization strategies, and model designs based on EEG signal features. We also discuss limitations from the perspectives of commonality–individuality (C-I) and suggest improvements. The review outlines future research directions and provided a minimal C-I framework to assess models. Through this review, we aim to provide researchers in this field with a comprehensive reference and approach to balance universality and personalization to promote the development of deep learning-based EEG emotion recognition methods.