This article reviews state-of-the-art adaptive, multiresolution wavelet methodologies for modeling and simulation of turbulent flows with various examples. Different numerical methods for solving the Navier-Stokes equations in adaptive wavelet bases are described. We summarize coherent vortex extraction methodologies, which utilize the efficient wavelet decomposition of turbulent flows into space-scale contributions, and present a hierarchy of wavelet-based turbulence models. Perspectives for modeling and computing industrially relevant flows are also given.