This paper investigates and compares three channel models for the fifth generation(5G)wire-less communications:the quasi deterministic radio chan-nel generator(QuaDRiGa),the NYUSIM channel simu-lator model developed by New York University,and the more general 5G(MG5G)channel model.First,the char-acteristics of the modeling processes of the three models are introduced from the perspective of model framework.Then,the small-scale parameter modeling strategies of the three models are compared from space/time/frequency domains as well as polarization aspect.In particular,the drifting of small-scale parameters is introduced in detail.Finally,through the simulation results of angular power spectrum,Doppler power spectrum density,temporal autocorrelation function,power delay profile,frequency correlation function,channel capacity,and eigenvalue dis-tribution,the three models are comprehensively investig-ated.According to the simulation results,we clearly ana-lyze the impact of the modeling strategy on the three channel models and give certain evaluations and sugges-tion which lay a solid foundation for link and system-level simulations for 5G transmission algorithms.