With the advances in information technology, the concept of Digital Twins has gained wide attention inboth practice and research in recent years. A Digital Twin is a virtual representation of a physical object orsystem and is connected in a bi-directional way with the physical counterpart. The aim of a Digital Twinis to support all stakeholders during the whole lifecycle of such system or object. One of the core aspectsof a Digital Twin is modeling and simulation, which is a well-established process, e.g., in the developmentof systems. Simulation models can be distinguished on the basis of different dimensions, e.g., on the basisof their time perspective. The existing literature reviews have paid little to no attention to this simulationaspect of a Digital Twin. In order to address this, the authors have developed a taxonomy based on anextended literature review to bridge the aforementioned gap.