Software testing is considered as one of the key phases in the software-development life cycle (SDLC). The main objective of software testing is to detect the faults either through manual testing or with automated testing approach. The most commonly adopted software testing approach in industries is test case based testing (TCBT) which is usually done manually. TCBT is mainly used by the software testers to formalize and guide their testing activities and set theoretical principals for testing. On the other hand, model based testing (MBT) is widely used automation software testing technique to generate and execute the tests. Both techniques are showing their prominence in real time with some pros and cons. However, there is no formal comparison available between these two techniques. The main objective of this thesis work is to find out the difference in test cases in TCBT and MBT in terms of providing better test coverage ( Statement, Branch and Path), requirement traceability, cost and time. To fulfill the aims of the research we have conducted interviews for static validation, and later we did an experiment for validating those results dynamically. The analysis of experiment results showed that the requirement traceability in MBT generated test cases are very hard to make the test cases traceable to the requirements, particularly with the open-source tool Model J-Unit. However, this can be done by using other commercial tools like Microsoft Spec Explorer or Conformiq Qtronic. Furthermore, we found by conducting experiment, that MBT consumes less time thus it is cost-effective as compared to TCBT and also MBT show better test coverage than TCBT. Moreover, we found that, in our case, requirement traceability is better in traditional TCBT approach as compared to MBT.