Detailed knowledge of energy and mass fluxes between land and the atmosphere are necessary to monitor the climate of the land and effectively exploit it in growing agricultural commodities. One of the important surface land fluxes is evapotranspiration, which combines the process of evaporation from the soil and that of transpiration from plants, describing the movement of water vapour from the land to the atmosphere. Accurately estimating evapotranspiration in agricultural systems is of high importance for efficient use of water resources and precise irrigation scheduling operations that will lead to improved water use efficiency. This paper reviews the major mechanistic and empirical models for estimating evapotranspiration including the Penman–Monteith, Stanghellini, Priestly–Taylor, and Hargreaves and Samani models. Moreover, the major differences between the models and their underlined assumptions are discussed. The application of these models is also reviewed for both open and closed field mediums and limitations of each model are highlighted. The main parameters affecting evapotranspiration rates in greenhouse settings including aerodynamic resistance, stomatal resistance and intercepted radiation are thoroughly discussed for accurate measurement and consideration in evapotranspiration models. Moreover, this review discusses direct evapotranspiration measurements systems such as eddy covariance and gas exchange systems. Other direct measurements appertaining to specific parameters such as leaf area index and surface leaf temperature and indirect measurements such as remote sensing are also presented, which can be integrated into evapotranspiration models for adaptation depending on climate and physiological characteristics of the growing medium. This review offers important directions for the estimation of evapotranspiration rates depending on the agricultural setting and the available climatological and physiological data, in addition to experimentally based adaptation processes for ET models. It also discusses how accurate evapotranspiration measurements can optimise the energy, water and food nexus.