This paper lists out 15 watershed hydrologic models that are comparatively popular in the world nowadays and remarks on the characteristics of the structure and parameters of the lumped conceptual watershed hydrologic models with their main shortcomings being pointed out. This paper also analyzes the watershed hydrologic models of new generation, i.e., distributed watershed hydrologic models, especially the physical-based distributed watershed hydrologic models and points out the main reasons that they are better than the lumped watershed hydrologic models. Finally, some preliminary discussions are made regarding the requisite theory and technical conditions for future development of watershed hydrologic models.