There are a large number of conceptual hydrological models available today. It is not easy to immediately identify the similarities and differences between the different models. The Swedish HBV model and the Chinese Xinanjiang model are two examples of conceptual, semi-distributed, rainfall-runoff models. The Xinanjiang model was designed for use in humid and semi-humid regions, with no routine for the snowmelt runoff, whereas the snow routine is an important part of the HBV model in many applications. The model structures of the two models may be described in four routines, compared in this paper. The integral structures of them are similar, but there are some differences, especially in the runoff production routine. The physical significance and physical definitions of some model parameters were analyzed. Both models were tested in two basins. Both models gave similar results, and both models performed well in the application. The similarity of the results obtained by different model structures leads to the following two conclusions. First, more effort should probably be spent on the improvement of input data quality and coverage than on the development of more detailed model structures only. Second, inference about basin behavior and characteristics from the values of calibrated model parameters must be made with great caution.