Large Language Models (LLMs) have demonstrated remarkable capabilities in various reasoning tasks, which leads to the development of increasingly large models. However, scaling up model sizes results in significantly higher computational costs and energy consumption, which makes these models impractical for academic researchers and businesses with limited resources. At the same time, Small Models (SMs) are frequently used in practical settings, although their significance is currently underestimated. This raises important questions about the role of small models in the era of LLMs, a topic that has received limited attention in prior surveys. In this work, we systematically examine the relationship between LLMs and SMs from two key perspectives: Collaboration and Competition (or Complementarity). We hope this survey provides valuable insights for practitioners, fostering a deeper understanding of the contribution of small models and promoting more efficient use of computational resources.

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