Thermal modeling is used for thermal investigation and optimization of sensors, instruments, and structures. Here, results depend on the chosen modeling approach, the complexity of the model, the quality of material data, and the information about the heat transport conditions of the object of investigation. Despite the widespread application, the advantages and limits of the modeling approaches are partially unknown. For comparison of different modeling approaches, a simplified and analytically describable demonstration object is used. This object is a steel rod at well-defined heat exchange conditions with the environment. For this, analytically describable models, equivalent electrical circuits, and simple and complex finite-element-analysis models are presented. Using the different approaches, static and dynamic simulations are performed and temperatures and temperature fields in the rod are estimated. The results of those calculations, comparisons with measurements, and identification of the sensitive points of the approaches are shown. General conclusions for thermal modeling of complex equipment are drawn.