Radio channel simulators are systems devised for testing communication links. They are mainly compounded of a way to generate channel realizations plus a technique that implement the input-output relationship for the signal and channel expressions. This paper presents a review of patents in the field of radio channel simulation that consider broadband channels with Multiple-Input and Multiple Output (MIMO). The former channels are the main interest in recent patents and patent applications in this field, since those channel characteristics are included in the latest communications standards. After establishing the problem formulation, we briefly introduce the main approaches to solve it from patents and open literature that have become in the “well known” solutions. Then we discuss lengthily the recent patents as well as the latest patent applications in this field. Based on the presented review, we emphasize the key aspects incorporated in the current implementation and forecast the channel modeling techniques that can drive the future trends in this area of research and development.