Templating in Umbraco consists of 3 larger concepts, namely Templates (Views), Partials (Partial Views) and Macros (Macro Partials). Templates are used for the HTML layout of your pages. Partials can be included in your templates for shared functionality across different page templates. Macros can be used for reusable dynamic components that can be controlled by editors to embed functionality into the grid or rich text areas.
Umbraco uses ASP.Net MVC Views for implementing templates.
The WebForms (masterpages) and Dynamic Razor approaches to templating are still available in Umbraco version 7 but have been removed in Umbraco version 8.
A tool that can generate a complete set of strongly-typed published content models for Umbraco. Models are available in controllers, views, anywhere. Runs either from the Umbraco UI, from the command line, or from Visual Studio.