The firing accuracy of the projectile has a positive relation with aerodynamic parameters. Due to the complex dynamic characteristics of projectiles, there is an overfitting risk when a single extreme learning machine (ELM) is used to identify the aerodynamic parameters of the projectile, and the identification results oscillate transonic region. To obtain the aerodynamic parameters of the projectile accurately, an aerodynamic parameter identification model based on ensemble learning theory and ELM optimized by improved particle swarm optimization is proposed. The improved particle swarm optimization algorithm (IPSO) with an adaptive update strategy is used to optimize the weight and threshold of ELM. Combined with the ensemble learning theory, the improved ELM neural network is regarded as a weak learner to generate a strong learner. The structural parameters of the strong learner were continuously optimized through training, and an aerodynamic parameter identification model of projectile based on ensemble learning theory is obtained. The simulation results show that the introduction of the IPSO and ensemble learning theory enables the model to exhibit excellent generalization ability. The proposed identification model can accurately describe the variation of aerodynamic parameters with the Mach number.