In product design and quality improvement fields, the development of reliable 3D machining variation models for multi-station machining processes is a key issue to estimate the resulting geometrical and dimensional quality of manufactured parts, generate robust process plans, eliminate downstream manufacturing problems and reduce ramp-up times. In the literature, two main 3D machining variation models have been studied: the Stream of Variation (SoV) model, oriented to product quality improvement (fault diagnosis, process planning evaluation and selection, etc.), and the Model of the Manufactured Part (MoMP), oriented to product and manufacturing design activities (manufacturing and product tolerance analysis and synthesis). This paper reviews the fundamentals of each model and describes step by step how to derive them using a simple case study. The paper analyzes both models and compares their main characteristics and applications. A discussion about the drawbacks and limitations of each model and some potential research lines in this field are also presented.