Physics-inspired generative models, in particular diffusion and Poisson flow models, enhance Bayesian methods and promise great utilities in medical imaging. This review examines the transformative role of such generative methods. First, a variety of physics-inspired generative models, including Denoising Diffusion Probabilistic Models (DDPM), Score-based Diffusion Models, and Poisson Flow Generative Models (PFGM and PFGM++), are revisited, with an emphasis on their accuracy, robustness as well as acceleration. Then, major applications of physics-inspired generative models in medical imaging are presented, comprising image reconstruction, image generation, and image analysis. Finally, future research directions are brainstormed, including unification of physics-inspired generative models, integration with vision-language models (VLMs),and potential novel applications of generative models. Since the development of generative methods has been rapid, this review will hopefully give peers and learners a timely snapshot of this new family of physics-driven generative models and help capitalize their enormous potential for medical imaging.