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Nonreciprocal components, such as isolators and circulators, are crucial components for photonic systems. In this article we review theoretical and experimental progress towards developing nonreciprocal photonic devices based on dynamic modulation. In particular, we focus on approaches that operate at optical wavelengths and device architectures that have the potential for chip-scale integration. We first discuss the requirements for constructing an isolator or circulator using dynamic modulation. We review a number of different isolator and circulator architectures, including waveguide and resonant devices, and describe their underlying operating principles. We then compare these device architectures from a system-level performance perspective, considering how their figures of merit, such as footprint, bandwidth, isolation, and insertion loss scale with respect to device parameters.