The document discusses several common software life cycle models: the waterfall model, rapid application development (RAD) model, prototyping model, and spiral model. The waterfall model involves sequential phases from requirements to maintenance without overlap. The RAD model emphasizes rapid delivery through iterative prototyping. The prototyping model builds prototypes to refine requirements before full development. Finally, the spiral model takes a risk-driven approach to software development through iterative planning, risk analysis, and evaluations.