Flexible slender structures are ubiquitous in biological systems and engineering applications. Fluid-structure interaction (FSI) plays a key role in the dynamics of such structures immersed in fluids. Here, we survey recent studies on highly simplified bio-inspired models (either mathematical or mechanical) that aim to revealthe flow physics associated with FSI. Various models from different sources of biological inspiration are included, namely flexible flapping foil inspired by fish and insects, deformable membrane inspired by jellyfish and cephalopods, beating filaments inspired by flagella and cilia of microorganisms, and flexible wall-mounted filaments inspired by terrestrial and aquatic plants. Suggestions on directions for future research are also provided.