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With the rise of cloud computing, a huge complexity growth of the structure that is the base of the Cloud happens. Thus, to effectively manage applications and resources it is crucial the use of models and tools that create an application profile which is used to apply forecasting models to determine the most suitable amount of resource for each workload. There are models and tools that address the creation of an application profile to later apply some forecasting technique and estimate the amount of resource needed for a workload. Therefore, this paper aims to present a taxonomy for application profiling models and tools, presenting its main characteristics, challenges, describing and comparing such models and tool. At the end this work presents a discussion about the use of application profiling and its future research trends.