As progressively cooler stellar and substellar objects are discovered,
the presence first of molecules and then of condensed particulates gr
eatly complicates the understanding of their physical properties. Accu
rate model atmospheres that include these processes are the key to est
ablishing their atmospheric parameters. They play a crucial role in de
termining structural characteristics by setting the surface conditions
of model interiors and providing transformations to the various obser
vational planes. They can reveal the spectroscopic properties of brown
dwarfs and help establish their detectability. In this paper, we revi
ew the current state-of-the-art theory and modeling of the atmospheres
of very low mass stars, including the coolest known M dwarfs, M subdw
arfs, and brown dwarfs, i.e. T-eff less than or equal to 4,000 K and -
4.0 less than or equal to [M/H] less than or equal to +0.0. We discuss
ongoing efforts to incorporate molecular and grain opacities in cool
stellar spectra, as well as the latest progress in (a) deriving the ef
fective temperature scale of M dwarfs, (b) reproducing the lower main
sequences of metal-poor subdwarfs in the halo and globular clusters, a
nd (c) results of the models related to the search for brown dwarfs.