In the so-called “microscopic” models of vehicular traffic, attention is paid explicitly to each individual vehicle each of which is represented by a “particle”; the nature of the “interactions” among these particles is determined by the way the vehicles influence each others’ movement. Therefore, vehicular traffic, modeled as a system of interacting “particles” driven far from equilibrium, offers the possibility to study various fundamental aspects of truly nonequilibrium systems which are of current interest in statistical physics. Analytical as well as numerical techniques of statistical physics are being used to study these models to understand rich variety of physical phenomena exhibited by vehicular traffic. Some of these phenomena, observed in vehicular traffic under different circumstances, include transitions from one dynamical phase to another, criticality and self-organized criticality, metastability and hysteresis, phase-segregation, etc. In this critical review, written from the perspective of statistical physics, we explain the guiding principles behind all the main theoretical approaches. But we present detailed discussions on the results obtained mainly from the so-called “particle-hopping” models, particularly emphasizing those which have been formulated in recent years using the language of cellular automata.