Both VIIRS and MODIS instruments use solar diffuser (SD) and lunar observations to calibrate their reflective solar bands (RSB). A solar diffuser stability monitor (SDSM) is used to track the SD on-orbit degradation. On-orbit observations have shown similar wavelength-dependent SD degradation (larger at shorter VIS wavelengths) and SDSM detector response degradation (larger at longer NIR wavelengths) for both VIIRS and MODIS instruments. In general, the MODIS scan mirror has experienced more degradation in the VIS spectral region whereas the VIIRS rotating telescope assembly (RTA) mirrors have seen more degradation in the NIR and SWIR spectral region. Because of this wavelength dependent mirror degradation, the sensor's relative spectral response (RSR) needs to be modulated. Due to differences between the solar and lunar spectral irradiance, the modulated RSR could have different effects on the SD and lunar calibration. In this paper, we identify various factors that should be considered for the improvements of VIIRS and MODIS solar and lunar calibration and examine their potential impact. Specifically, we will characterize and assess the calibration impact due to SD and SDSM attenuation screen transmission (uncertainty), SD BRF uncertainty and onorbit degradation, SDSM detector response degradation, and modulated RSR resulting from the sensor's optics degradation. Also illustrated and discussed in this paper are the calibration strategies implemented in the VIIRS and MODIS SD and lunar calibrations and efforts that could be made for future improvements.