Affective computing conjoins the research topics of emotion recognition and sentiment analysis, and can be realized with unimodal or multimodal data, consisting primarily of physical information (e.g., text, audio, and visual) and physiological signals (e.g., EEG and ECG). Physical-based affect recognition caters to more researchers due to the availability of multiple public databases, but it is challenging to reveal one’s inner emotion hidden purposefully from facial expressions, audio tones, body gestures, etc. Physiological signals can generate more precise and reliable emotional results; yet, the difficulty in acquiring these signals hinders their practical application. Besides, by fusing physical information and physiological signals, useful features of emotional states can be obtained to enhance the performance of affective computing models. While existing reviews focus on one specific aspect of affective computing, we provide a systematical survey of important components: emotion models, databases, and recent advances. Firstly, we introduce two typical emotion models followed by five kinds of commonly used databases for affective computing. Next, we survey and taxonomize state-of-the-art unimodal affect recognition and multimodal affective analysis in terms of their detailed architectures and performances. Finally, we discuss some critical aspects of affective computing and its applications and conclude this review by pointing out some of the most promising future directions, such as the establishment of benchmark database and fusion strategies. The overarching goal of this systematic review is to help academic and industrial researchers understand the recent advances as well as new developments in this fast-paced, high-impact domain.