The present review paper aims at collecting and discussing the research work, numerical and experimental, carried out in the field of Fluid–Structure Interaction (FSI) in one-dimensional (1D) pressurized transient flow in the time-domain approach. Background theory and basic definitions are provided for the proper understanding of the assessed literature. A novel frame of reference is proposed for the classification of FSI models based on pipe degrees-of-freedom. Numerical research is organized according to this classification, while an extensive review on experimental research is presented by institution. Engineering applications of FSI models are described and historical accidents and post-accident analyses are documented.