This paper presents a comprehensive overview of the spin relaxation theory needed for exploring nuclear magnetic resonance (NMR) relaxometry to study the dynamical properties of ionic liquids. The term NMR relaxometry refers to relaxation experiments performed over a wide range of magnetic fields (resonance frequencies). In this way, dynamical processes occurring on timescales from milliseconds to nanoseconds can be studied, including translational and rotational dynamics of both types of ions (cations and anions). In order to take advantage of the remarkable experimental possibilities, appropriate theoretical models linking relaxation properties with ionic motion are needed. With the aim of providing such theoretical tools, 1H and 19F relaxation models for ionic liquids have been reviewed and their applications have been illustrated by several examples. The presented models are valid for an arbitrary magnetic field, include all relevant relaxation pathways and allow to extract detailed information about the translational and rotational dynamics of the ions. On the basis of the theoretical models, formulas allowing a straightforward determination of the translational diffusion coefficients of cations and anions from combined 1H and 19F relaxation studies have been derived and discussed in detail.