The ability to construct, use, and revise models is a crucial experimental physics skill. Many existing frameworks describe modelling in science education at introductory levels. However, most have limited applicability to the context of upper-division physics lab courses or experimental physics. Here, we review the Modelling Framework for Experimental Physics, a theoretical framework tailored to labs and experimentation. A key feature of the framework is recursive interaction between models and apparatus. Models are revised to account for new evidence produced by apparatus, and apparatus are revised to better align with the simplifying assumptions of models. Another key feature is the distinction between the physical phenomenon being investigated and the measurement equipment used to conduct the investigation. Models of physical systems facilitate explanation or prediction of phenomena, whereas models of measurement systems facilitate interpretation of data. We describe the framework, provide a chronological history of its development, and summarise its applications to research and curricular design. Ultimately, we argue that the Modelling Framework is a theoretically sound and well-tested tool that is applicable to multiple physics domains and research purposes. In particular, it is useful for characterising students' approaches to experimentation, designing or evaluating curricula for lab courses, and developing instruments to assess students' experimental modelling skills.