Oscillations and waves of increased intracellular free calcium concentration ([Ca2+]i) are observed in a wide range of cell types. Because of their inherent nonlinear nature and the consequent unreliability of intuitive approaches, mathematical modeling has an important role to play in the study of these phenomena. One important class of oscillations and waves is dependent on the presence of inositol (1,4,5)-trisphosphate (IP3), which releases Ca2+ from internal stores via the IP3 receptor/Ca2+ channel. With the minimum possible mathematical formalism, we review mechanistic models for IP3-dependent Ca2+ oscillations and waves. These models are based on the regulation of the IP3 receptor by both IP3 and Ca2+, and incorporate experimental data on the steady-state and kinetic properties of the receptor. The extension of the models to describe intracellular and intercellular Ca2+ waves is considered.