When you are learning 3D programming, you are taught that it's easiest think in terms of 3 transformation matrices:
The Model Matrix. This matrix is individual to every single model and it rotates and scales the object as desired and finally moves it to its final position within your 3D world. "The Model Matrix transforms model coordinates to world coordinates".
The View Matrix. This matrix is usually the same for a large number of objects (if not for all of them) and it rotates and moves all objects according to the current "camera position". If you imaging that the 3D scene is filmed by a camera and what is rendered on the screen are the images that were captured by this camera, the location of the camera and its viewing direction define which parts of the scene are visible and how the objects appear on the captured image. There are little reasons for changing the view matrix while rendering a single frame, but those do in fact exists (e.g. by rendering the scene twice and changing the view matrix in between, you can create a very simple, yet impressive mirror within your scene). Usually the view matrix changes only once between two frames being drawn. "The View Matrix transforms world coordinates to eye coordinates".
The Projection Matrix. The projection matrix decides how those 3D coordinates are mapped to 2D coordinates, e.g. if there is a perspective applied to them (objects get smaller the farther they are away from the viewer) or not (orthogonal projection). The projection matrix hardly ever changes at all. It may have to change if you are rendering into a window and the window size has changed or if you are rendering full screen and the resolution has changed, however only if the new window size/screen resolution has a different display aspect ratio than before. There are some crazy effects for that you may want to change this matrix but in most cases its pretty much constant for the whole live of your program. "The Projection Matrix transforms eye coordinates to screen coordinates".
This makes all a lot of sense to me. Of course one could always combine all three matrices into a single one, since multiplying a vector first by matrix A and then by matrix B is the same as multiplying the vector by matrix C, where C = B * A.
Now if you look at the classical OpenGL (OpenGL 1.x/2.x), OpenGL knows a projection matrix. Yet OpenGL does not offer a model or a view matrix, it only offers a combined model-view matrix. Why? This design forces you to permanently save and restore the "view matrix" since it will get "destroyed" by model transformations applied to it. Why aren't there three separate matrices?
If you look at the new OpenGL versions (OpenGL 3.x/4.x) and you don't use the classical render pipeline but customize everything with shaders (GLSL), there are no matrices available any longer at all, you have to define your own matrices. Still most people keep the old concept of a projection matrix and a model-view matrix. Why would you do that? Why not using either three matrices, which means you don't have to permanently save and restore the model-view matrix or you use a single combined model-view-projection (MVP) matrix, which saves you a matrix multiplication in your vertex shader for ever single vertex rendered (after all such a multiplication doesn't come for free either).
So to summarize my question: Which advantage has a combined model-view matrix together with a separate projection matrix over having three separate matrices or a single MVP matrix?
Look at it practically. First, the fewer matrices you send, the fewer matrices you have to multiply with positions/normals/etc. And therefore, the faster your vertex shaders.
So point 1: fewer matrices is better.
However, there are certain things you probably need to do. Unless you're doing 2D rendering or some simple 3D demo-applications, you are going to need to do lighting. This typically means that you're going to need to transform positions and normals into either world or camera (view) space, then do some lighting operations on them (either in the vertex shader or the fragment shader).
You can't do that if you only go from model space to projection space. You cannot do lighting in post-projection space, because that space is non-linear. The math becomes much more complicated.
So, point 2: You need at least one stop between model and projection.
So we need at least 2 matrices. Why model-to-camera rather than model-to-world? Because working in world space in shaders is a bad idea. You can encounter numerical precision problems related to translations that are distant from the origin. Whereas, if you worked in camera space, you wouldn't encounter those problems, because nothing is too far from the camera (and if it is, it should probably be outside the far depth plane).
Therefore: we use camera space as the intermediate space for lighting.
In most cases your shader will need the geometry in world or eye coordinates for shading so you have to seperate the projection matrix from the model and view matrices.
Making your shader multiply the geometry with two matrices hurts performance. Assuming each model have thousends (or more) vertices it is more efficient to compute a model view matrix in the cpu once, and let the shader do one less mtrix-vector multiplication.
来源：https://stackoverflow.com/questions/10617589/why-would-it-be-beneficial-to-have-a-separate-projection-matrix-yet-combine-mod