This chapter surveys the literature for state-of-the-art methods for the rational design of siRNA libraries. It identifies and presents major milestones in the field of computational modeling of siRNA’s gene silencing efficacy. Commonly used features of siRNAs are summarized along with major machine learning techniques employed to build the predictive models. It has also outlined several web-enabled siRNA design tools. To face the challenge of modeling and rational design of chemically modified siRNAs, it also proposes a new cheminformatics approach for the representation and characterization of siRNA molecules. Some preliminary results with this new approach are presented to demonstrate the promising potential of this method for the modeling of siRNA’s efficacy. Together with novel delivery technologies and chemical modification techniques, rational siRNA design algorithms will ultimately contribute to chemical biology research and the efficient development of siRNA therapeutics.