A multicolor light-emitting diode (LED) module comprises LED chips of more than one type or color and is frequently used for spectrally tunable lighting applications. In this paper, electrical models of such multicolor LED modules are formulated taking two basic circuit configurations into account, namely, (i) conventional, where a parallel string is made of one particular LED type, and (ii) nonconventional, where a parallel string is composed of different LED types. For deriving the model equations, the basic exponential model of a single LED chip has been applied, which is experimentally found to be the suitable option out of the four existing models, namely, linear, parabolic, exponential, and modified Shockley models. The formulated models are experimentally validated, results of which show maximum deviations of 4.71% and 4.19% from the measured data in the nonlinear and the linear operating regions, respectively. The formulated models are utilized to design dimmable, isolated LED drivers for red-green-blue (R-G-B) LED module. Performance evaluation of the drivers is conducted in Matlab-Simulink. The results reveal the satisfactory operation of the LED modules in terms of current and power regulation, branch current matching, and fast response and thus establish the effectiveness of the proposed algorithm.