The numerical accuracy of drop process simulation and collision response for drones is primarily determined by the finite element modeling method and simplified method of drone airframe structure. For light and small drones exhibiting diverse shapes and configurations, mixed materials and structures, deformation and complex destruction behaviors, the way of developing a reasonable and easily achieved high-precision simplified modeling method by ensuring the calculation accuracy and saving the calculation cost has aroused increasing concern in impact dynamics simulation. In the present study, the full-size modeling and simplified modeling methods that are specific to different components of a relatively popular light and small drone were analyzed in an LS-DYNA software environment. First, a full-size high-precision model of the drone was built, and the model accuracy was verified by performing the drop tests at the component level as well as the whole machine level. Subsequently, based on the full-size high-precision model, the property characteristics of the main components of the light and small drone and their common simplification methods were classified, a series of simplified modeling methods for different components were developed, several single simplified models and combined simplified models were built, and a method to assess the calculation error of the peak impact load in the simplified models was proposed. Lastly, by comparing and analyzing the calculation accuracy of various simplified models, the high-precision simplified modeling strategy was formulated, and the suggestions were proposed for the impact dynamics simulation of the light and small drone falling. Given the analysis of the calculation scale and solution time of the simplified model, the high-precision simplified modeling method developed here is capable of noticeably reducing the modeling difficulty, the solution scale and the calculation time while ensuring the calculation accuracy. Moreover, it shows promising applications in several fields (e.g., structure design, strength analysis and impact process simulation of drone).