In channel optimization, the objective function and the oft‐used trapezoidal cross‐section channel in excavation models are not comprehensive. The parabolic composite section channel is a new type of channel with a parabolic slope and a horizontal bottom. To improve channel optimization, we propose models of a parabolic composite section channel constructed with excavation, filling, and half‐filling. We establish three parabolic composite cross‐section channel models that consider freeboard, and we establish three construction methods. The objective is to minimize the combined cost of excavation, filling, and concrete lining, and the objective function covers all construction methods and construction costs. To avoid missing the feasible optimal solution, the shuffled frog‐leaping algorithm (SFLA) is used to optimize the three channel models. An objective function within the acceptable range of parameter variation is represented by a MATLAB 3D rainbow graph, and sensitivity analyses of various section parameters are carried out. The results show that the model constructed with excavation has the lowest investment cost. The bottom width of the parabolic composite channel is 1.74 m, the channel top width is 5.69 m, the channel depth is 3.22 m, the channel excavation section area is 14.1 m2, the channel section lining length is 9.62 m, and the minimum cost per kilometre is 591,000 yuan. SFLA is superior to the differential evolution, artificial bee colony, and particle swarm optimization algorithms in terms of convergence speed and optimization accuracy, and the objective function is the least sensitive to the opening width of the parabola.