This paper reviews recent advances and current debates in modeling the solar cycle as a hydromagnetic dynamo process. Emphasis is placed on (relatively) simple dynamo models that are nonetheless detailed enough to be comparable to solar cycle observations. After a brief overview of the dynamo problem and of key observational constraints, I begin by reviewing the various magnetic field regeneration mechanisms that have been proposed in the solar context. I move on to a presentation and critical discussion of extant solar cycle models based on these mechanisms, followed by a discussion of recent magnetohydrodynamical simulations of solar convection generating solar-like large-scale magnetic cycles. I then turn to the origin and consequences of fluctuations in these models and simulations, including amplitude and parity modulation, chaotic behavior, and intermittency. The paper concludes with a discussion of our current state of ignorance regarding various key questions relating to the explanatory framework offered by dynamo models of the solar cycle.