The 3rd Generation Partnership Project (3GPP) recommends an accurate and compatible stochastic channel model for 0–100 GHz frequency band, which is useful to design, optimize, and evaluate the fifth‐generation (5G) systems. This standardized model can be acquired by generating the large‐ and small‐scale fading models. This article firstly reviews the main existing channel models suitable for millimeter‐wave (mmWave) frequency band as well as the typical channel modeling methods, i.e. the deterministic and stochastic models. Secondly, the generation procedure of stochastic channel model in the 3GPP standard (TR 38.901) is illustrated in detail. The large‐ and small‐scale fading parts are also simulated to demonstrate the effect of channel parameters on the channel characteristics. Finally, as an alternative model in the 3GPP standard, the map‐based hybrid channel model is demonstrated and analyzed. When the digital map and material parameters of obstacles are known, this model can predict the channel characteristics accurately using the ray‐tracing (RT) method.