Recent numerical work on strongly correlated electronic models using the Lanczos approach is reviewed. In particular static and dynamical properties of the Hubbard, t-J (with one, two and more holes) and the spin-1/2 Heisenberg antiferromagnet are presented. An attempt to summarize the current active search for nontrivial ground states of the frustrated Heisenberg model is made. Numerical methods like the Lanczos technique are providing useful information in the study of these models.