Notions of surprise and novelty have been used in various experimental and theoretical studies across multiple brain areas and species. However, 'surprise' and 'novelty' refer to different quantities in different studies, which raises concerns about whether these studies indeed relate to the same functionalities and mechanisms in the brain. Here, we address these concerns through a systematic investigation of how different aspects of surprise and novelty relate to different brain functions and physiological signals. We review recent classifications of definitions proposed for surprise and novelty along with links to experimental observations. We show that computational modeling and quantifiable definitions enable novel interpretations of previous findings and form a foundation for future theoretical and experimental studies.