Most Bluetooth implementations focus on architecture, routing protocols, encryption, and performance evaluation of the network. This paper provides a brief description of the Bluetooth standard including the physical layer. It focuses on developing MATLAB/SIMULINK models for the Bluetooth transceivers utilizing different modulation schemes and the performance evaluation of these models. Different pulse shaping waveforms are utilized in our MATLAB/SIMULINK Bluetooth models. The performance of our Bluetooth transceiver models with AWGN channel is evaluated by means of the BER.