Detailed models of single neurons are typically focused on the dendritic tree and ignore the axonal tree, assuming that the axon is a simple transmission line. In the last 40 years, however, several theoretical and experimental studies have suggested that axons could implement information processing tasks by exploiting: 1) the time delay in action potential (AP) propagation along the axon; 2) the differential filtering of APs into the axonal subtrees; and 3) their activity-dependent excitability. Models for axonal trees have attempted to examine the feasibility of these ideas. However, because the physiological and anatomical data on axons are seriously limited, realistic models of axons have not been developed. The present paper summarizes the main insights that were gained from simplified models of axons; it also highlights the stochastic nature of axons, a topic that was largely neglected in classical models of axons. The advance of new experimental techniques makes it now possible to pay a very close experimental visit to axons. Theoretical tools and fast computers enable to go beyond the simplified models and to construct realistic models of axons. When tightly linked, experiments and theory will help to unravel how axons share the information processing tasks that single neurons implement.