3D lung models are modalities that aim to recapitulate the distinct structural, functional, and physiological processes of the lung in an in vitro and/or ex vivo environment. The 3D models have one or more of the following features including multicellular compositions, ECM supports, scaffolds, bioengineered microdevices, or ex vivo lung slices. These systems differ morphologically and physiologically from cells in the conventional 2D culture environment. The additional dimensionality of 3D model systems is the crucial feature leading to the differences in cellular responses. These models can be easily customized to study various aspects of lung biology, development, and pathogenesis of diseases. Furthermore, 3D lung models have enabled cost-effective and time-efficient research for understanding the molecular basis of various lung diseases such as pulmonary fibrosis, cystic fibrosis, lung cancer, infections, and airway disorders. High-throughput applications, cost-effectiveness, and the ability for their use in precision and personalized medicine make these models a practical and beneficial preclinical approach for pharmaceutical research and industry.