The diffraction limit of light greatly limits the development of conventional optical devices, which are difficult to be miniaturized and integrated with high density. Surface plasmons, electromagnetic modes at the metal-dielectric interface, can concentrate light into deep subwavelength dimensions, enabling the manipulation of light at the nanometer scale. Surface plasmons can be used as information carrier to transmit and process optical signals beyond the diffraction limit. Therefore, nanodevices based on surface plasmons have received much attention. By modulating surface plasmons, the modulation of optical signals at nanoscale can be realized, which is important for the development of on-chip integrated nanophotonic circuits and optical information technology. In this article, we review the modulations of propagating surface plasmons and their applications in nano-optical modulators. The wave vector of propagating surface plasmons is very sensitive to the dielectric function of the metal and the environment. By tuning the dielectric function of the metal and/or the surrounding medium, both the real and imaginary part of the wave vector of surface plasmons can be modified, leading to the modulation of the phase and propagation length of surface plasmons and thereby modulating the intensity of optical signals. We first introduce the basic principles of different types of modulations, including all-optical modulation, thermal modulation, electrical modulation, and magnetic modulation. The all-optical modulation can be achieved by modulating the polarization and phase of input light, pumping optical materials, changing the dielectric function of metal by control light, and manipulating a nanoparticle by optical force to modulate the scattering of surface plasmons. The modulation based on thermal effect depends on thermo-optic materials and phase-change materials, and the temperature change can be triggered by photothermal effect or electrical heating. For electrically controlled modulation, Pockels electro-optic effect and Kerr electro-optic effect can be employed. Electrical modulation can also be realized by controlling the carrier concentration of semiconductors or graphene, using electrochromatic materials, and nanoelectromechanical control of the waveguide. The modulation of surface plasmons by magnetic field relies on magneto-optic materials. We review recent research progresses of modulating propagating surface plasmons by these methods, and analyze the performances of different types of plasmonic modulators, including operation wavelength, modulation depth or extinction ratio, response time or modulation frequency, and insertion loss. Finally, a brief conclusion and outlook is presented.