In this paper we present an approach of Model Versioning and Model Repository in context of Living Models view. The idea of Living Models is a step forward from Model Based Software Development (MBSD) in a sense that there is tight coupling between various artifacts of software development process. These artifacts include System Models, Test Models, Executable artifacts etc. We explore the issues of storage (import/export) of model elements into repository, inputs of cross link information, version management and system analysis. The modeling environment in which these issues will be discussed is a heterogeneous modeling environment, where different models types and different modeling tools are used in the development process. An overview of the tool architecture is also presented..