Especially for internal combustion engine simulations, various combustion model rely on the laminar burning velocity. With respect to computational time needed for CFD, the calculation of laminar burning velocities using a detailed chemical mechanism can be replaced by incorporation of approximation formulas, based on rate-ratio asymptotics, or by empirically obtained correlations, based on power law expressions. This study revisits the formulation of existing analytical approximation and correlation formulas. It investigates applicable temperature, pressure, and equivalence ratio ranges with special focus on engine combustion conditions. The review identifies individual missing model dependent parameters, e.g. incorporation of exhaust gas recirculation. Fuels chosen here are methane/air and hydrogen/air. In addition, this study focuses on the feasibility to calculate correctly burning velocities of hydrogen/methane/air mixtures. The individual model performances to calculate the laminar burning velocity are compared with calculated laminar burning velocities using existing state of the art detailed chemical mechanisms, the GRI, the ITV RWTH, and the Armaco mechanism. Differences are observed between the approximation formula and the correlation, but also comparing the results from the detailed mechanisms with each other. The impact of the laminar burning velocity results on the combustion models is discussed. Finally, updated parameters for the approximation formulations are presented.