Parameter extraction of the solar module is essential for performance analysis, efficiency calculation and maximum power point tracking (MPPT) in the PV system. This paper makes a detailed analysis of parameter extraction from the solar PV system through application of optimization techniques based on single and two-diode models. The characteristics of PV panel are investigated using power-voltage (P-V) and current-voltage (IV) curves. To identification of circuit model parameters of PV panel has been done by its representation of an electrical equivalent circuit which consists of a current source in parallel with diodes. The important parameters of solar PV system are Photo current (Ipℎ), Reverse saturation current (Io/Io1and Io2), Diode ideality factor (A/A1and A2), Series resistor (RS) and parallel resistor (RP). The difficulties in extracting parameters from solar PV modules are referred to as parameter estimation problems and form the focus for many researchers. This paper may be useful for researchers and PV panel designers in making precise PV panels with the help of suitable optimization techniques available in the literature. © 2021 Institute of Physics Publishing. All rights reserved.