Effective event modeling allows accurate event identification and monitoring to enable timely response to emergencies occurring in various applications. Although event identification (or detection) has been extensively studied in the last decade, the triggering relationship among initial and subsequent events has not been well studied, which limits the understanding of event evolvements from both spatial and temporal dimensions. Furthermore, it is also useful to measure the impact of events to the public so that the important events can be first seen. In this paper, we propose to systematically study event modeling and ranking in a novel framework. A new method is introduced to effectively identify events by considering the spreading effect of event in the spatio-temporal space. To capture the triggering relationships among events, we adapt the self-exciting point process model by jointly considering event spatial, temporal and content similarities. As a step further, we define the event impact and estimate it via random walk based on the triggering relationships. Finally, events can be ranked at different time stamps. Extensive experimental results on real-life datasets demonstrate promising performance of our proposal in identifying, monitoring and ranking events.