The internal quantum efficiency (IQE) is given as the ratio between the externally collected electron current and the photon current absorbed by the device. Spectral analysis of IQE measurements is a powerful method to identify performance‐limiting mechanisms in solar cells. It also enables the extraction of key electrical and optical parameters. However, the potential of IQE measurements is only rarely fully utilized, presumably due to the significant complexity associated with the fitting process and its sensitivity to noise. In this study, machine learning is proposed as an efficient method to extract quantitative information from IQE measurements. The extraction method is automated and easy to use, providing an array of specific device parameters. By simplifying the analytical process, the developed machine learning algorithms also extract the parasitic absorption of the antireflection coating, a key parameter that is difficult to obtain by traditional methods. Although the method has been developed for and tested on silicon solar cells, it can be adapted and applied to other types of solar cells.