Yakiv V. Pavlenko Main Astronomical Observatory of National Academy of Sciences Kyiv, Ukraine Procedure and results of modeling of spectra of low-mass stars and brown dwarfs are presented. Optical and IR spectra of M-, L-, and T-dwarfs are modeled in wide range of effective temperatures and gravities. The use of infrared H2O + CO spectra for determination of main parameters of low-mass objects is discussed. Perspectives of "lithium test" and "deuterium test" for assessment of low-mass populations are considered.