Laser shock processing (LSP) involves high-energy laser radiation combined with suitable overlays to generate high-pressure pulses on the surface of the metal. The stress wave generated due to high pressure pulses propagates into the material causing the surface layer to yield and plastically deform, and thereby, develop a significant residual compressive stress in the surface region of the substrate material. The developed compressive stress field is beneficial to improve surface properties such as fatigue, wear, and corrosion. To improve the understanding of the shock hardening process, investigation into the physical processes involved is necessary. In the first part of this paper, the temporal variation in the pressure intensity and spot size is calculated by using a two-dimensional recoil pressure prediction model. Using an explicit non-linear FEA code, ANSYS LS-DYNA, the deformation behavior and residual stresses in the substrate material are predicted. In the second part, a probabilistic approach to the modeling and analysis of LSP is presented in this paper. Various factors that affect the probabilistic performance of the LSP are grouped into categories and a select number of factors known to be significant, for which the variability could be assessed, are modeled as random variables (such as recoil pressure, laser beam spot size, substrate material properties and others). The potential of the probabilistic approach in predicting the structural integrity of the laser-shocked components is addressed.