Model-Based Systems Engineering (MBSE) is an ambiguous concept that means many things to many different people. The purpose of this presentation is to “de-mystify” MBSE, with the intent of moving the sub-discipline forward. Model-Based Systems Engineering was envisioned to manage the increasing complexity within systems and System of Systems (SoS). This presentation defines MBSE as the formalized application of modeling (static and dynamic) to support system design and analysis, throughout all phases of the system lifecycle, and through the collection of modeling languages, structures, model-based processes, and presentation frameworks used to support the discipline of systems engineering in a model-based or model-driven context. Using this definition, the components of MBSE (modeling languages, processes, structures, and presentation frameworks) are defined. The current state of MBSE is then evaluated against a set of effective measures. Finally, this presents a vision for the future direction of MBSE.