Selection of a fitting up-to-date hydrological model using an evaluation of the functionality, modeler’s requirements, and modeling experiences are very important for water resources management in rural watersheds. Similarly, the selection of appropriate objective function is equally crucial in hydrological modeling processes. Accordingly, A review study was carried to select an appropriate model and objective function for water resources modeling in the predominantly rural watershed. Hydrological models namely HEC-HMS, MIKE SHE, SWAT, TOPMODEL, and SWMM, and objective functions namely NSE, RMSE, MRAE, and RAEM were reviewed. Hydrological models were reviewed under several criteria viz. temporal scale, spatial scale, hydrological processes, documentation, resources requirement, user interface and, model acquisition cost. Whereas, criteria for the review of objective functions were mathematical implication, flow regime, and modeling purpose. Each of the review criteria was comprised of several factors. The criteria-based evaluation was done to quantify the review outcome of the hydrological model and objective function. SWMM was found to be the most suitable model for simulating rural watersheds for water resources management purposes whereas, MRAE was found to be the most appropriate objective function to evaluate the performance of the model selected for rural watershed modeling.