The unabated increase in the complexity of the hardware and software components of modern embedded real-time systems has given momentum to a host of research in the use of probabilistic and statistical techniques for timing analysis. In the last few years, that front of investigation has yielded a body of scientific literature vast enough to warrant some comprehensive taxonomy of motivations, strategies of application, and directions of research. This survey addresses this very need, singling out the principal techniques in the state of the art of timing analysis that employ probabilistic reasoning at some level, building a taxonomy of them, discussing their relative merit and limitations, and the relations among them. In addition to offering a comprehensive foundation to savvy probabilistic timing analysis, this article also identifies the key challenges to be addressed to consolidate the scientific soundness and industrial viability of this emerging field.