Exchanging computer-aided design (CAD) model data among heterogeneous CAD systems is indispensable for collaborative product development. Currently, the industry mainly uses the standardized neutral files-based methods to implement such exchange. While at the same time, the application of web ontology language (OWL) file and underlying semantic web technologies in CAD model data exchange is gaining importance and popularity within the academia. The coexistence of different types of methods has generated a series of controversies and questions within the industry and the academia. Yet, can the neutral files-based exchange methods completely implement model data exchange among heterogeneous CAD systems? What challenges have been addressed to date by the developed CAD model data exchange standards? Why OWL has been introduced to CAD model data exchange? Does CAD model data exchange really need OWL? Are there any issues in existing neutral files-based exchange methods and OWL file-based exchange methods need to be addressed in future studies? This paper proposes to conduct a study of the standardized neutral files-based exchange methods and OWL file-based exchange methods. An in-depth analysis of the widely used standard for the exchange of product model data (STEP) method and the newly emerging OWL methods is first provided. Then, the paper makes a detailed comparison between these two types of methods based on this analysis. Finally, some issues in the two types of methods that need to be addressed in the future are discussed.