Statistical analysis of the development of the wage and income distribution is a crucial precondition for economic modeling of the labor market processes. There are two ways how to analyze wage data. The first descriptive approach will allow us to evaluate wage developments over time in a particular country (Czech Republic in this case). The second, analytical approach, makes it possible to create probabilistic models of the wage distribution. Both ways are discussed in the chapter. The first part deals with the descriptive approach. We analyze the wage evolution, growth rate and trend for a period of more than 20 years. A detailed comparison by gender, as well as by age and other factors is carried out. In the second part of the chapter we show various probabilistic distributions used to model the empirical wage distribution and show how these models can be used to predict the future wage distributions.