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The development of scientific reasoning competencies is a key goal of science education. To better understand the complex construct of scientific reasoning, which includes modeling as one style of reasoning, thorough investigations of the underlying processes are needed. Therefore, in this study, a typology of preservice science teachers’ modeling strategies was developed. Thirty-two preservice science teachers were videotaped while engaging in the modeling task of investigating a black box. Following a qualitative content analysis, sequences of modeling activities were identified. By transforming these sequences of modeling activities into state transition graphs, six types of modeling strategies were derived, differing in the homogeneity and complexity of their modeling processes. The preservice science teachers engaged in activities of (1) exploration only; (2a) exploration and development with a focus on development; (2b) exploration and development with a focus on exploration; (2c) exploration and development, balanced; (3a) exploration, development, and drawing predictions from a model once; or (3b) exploration, development, and repeatedly drawing predictions from a model. Finally, this typology is discussed regarding the process of its development and its potential to inform and guide further research as well as the development of interventions aiming to foster competencies in scientific modeling.