For a bounded Hankel matrix normalΓ, we describe the structure of the Schmidt subspaces of normalΓ, namely the eigenspaces of normalΓ∗Γ corresponding to non‐zero eigenvalues. We prove that these subspaces are in correspondence with weighted model spaces in the Hardy space on the unit circle. Here we use the term ‘weighted model space’ to describe the range of an isometric multiplier acting on a model space. Further, we obtain similar results for Hankel operators acting in the Hardy space on the real line. Finally, we give a streamlined proof of the Adamyan–Arov–Krein theorem using the language of weighted model spaces.