Aside from a Turing machine, other equivalent (See: Church–Turing thesis) models of computation are in use.

Lambda calculus
A computation consists of an initial lambda expression (or two if you want to separate the function and its input) plus a finite sequence of lambda terms, each deduced from the preceding term by one application of Beta reduction.
Combinatory logic
is a concept which has many similarities to λ-calculus, but also important differences exist (e.g. fixed point combinator Y has normal form in combinatory logic but not in λ-calculus). Combinatory logic was developed with great ambitions: understanding the nature of paradoxes, making foundations of mathematics more economic (conceptually), eliminating the notion of variables (thus clarifying their role in mathematics).
mu-recursive functions
a computation consists of a mu-recursive function, i.e. its defining sequence, any input value(s) and a sequence of recursive functions appearing in the defining sequence with inputs and outputs. Thus, if in the defining sequence of a recursive function f(x) the functions g(x) and h(x,y) appear, then terms of the form 'g(5)=7' or 'h(3,2)=10' might appear. Each entry in this sequence needs to be an application of a basic function or follow from the entries above by using composition, primitive recursion or mu recursion. For instance if f(x) = h(x,g(x)), then for 'f(5)=3' to appear, terms like 'g(5)=6' and 'h(5,6)=3' must occur above. The computation terminates only if the final term gives the value of the recursive function applied to the inputs.
Markov algorithm
a string rewriting system that uses grammar-like rules to operate on strings of symbols.
Register machine
is a theoretically interesting idealization of a computer. There are several variants. In most of them, each register can hold a natural number (of unlimited size), and the instructions are simple (and few in number), e.g. only decrementation (combined with conditional jump) and incrementation exist (and halting). The lack of the infinite (or dynamically growing) external store (seen at Turing machines) can be understood by replacing its role with Gödel numbering techniques: the fact that each register holds a natural number allows the possibility of representing a complicated thing (e.g. a sequence, or a matrix etc.) by an appropriate huge natural number — unambiguity of both representation and interpretation can be established by number theoretical foundations of these techniques.
P′′
Like Turing machines, P′′ uses an infinite tape of symbols (without random access), and a rather minimalistic set of instructions. But these instructions are very different, thus, unlike Turing machines, P′′ does not need to maintain a distinct state, because all “memory-like” functionality can be provided only by the tape. Instead of rewriting the current symbol, it can perform a modular arithmetic incrementation on it. P′′ has also a pair of instructions for a cycle, inspecting the blank symbol. Despite its minimalistic nature, it has become the parental formal language of an implemented and (for entertainment) used programming language called Brainfuck.
In addition to the general computational models, some simpler computational models are useful for special, restricted applications. Regular expressions, for example, specify string patterns in many contexts, from office productivity software to programming languages. Another formalism mathematically equivalent to regular expressions, Finite automata are used in circuit design and in some kinds of problem-solving. Context-free grammars specify programming language syntax. Non-deterministic pushdown automata are another formalism equivalent to context-free grammars. Primitive recursive functions are a defined subclass of the recursive functions.

Different models of computation have the ability to do different tasks. One way to measure the power of a computational model is to study the class of formal languages that the model can generate; in such a way to the Chomsky hierarchy of languages is obtained.