In this paper, single-diode model (SDM) and double-diode model (DDM) parameters of the French RTC solar cell and the Photowatt PWP 201 photovoltaic (PV) module were extracted by combining five metaheuristic algorithms with three simulation current calculation methods (i.e., approximation method, Lambert W method and Newton–Raphson method), respectively. It was found that the parameter-extraction accuracies of the Lambert W (LW) method and the Newton–Raphson (NR) method are always approximately equal and higher than that of the approximation method. The best RMSEs (root mean square error) obtained by using the LW or the NR method on the solar cell and the PV module are 7.72986 × 10−4 and 2.05296 × 10−3 for SDM parameter extraction and 6.93709 × 10−4 and 1.99051 × 10−3 for DDM parameter extraction, respectively. The latter may be the highest parameter-extraction accuracy reported on the solar cell and the PV module so far, which is due to the adoption of more reasonable DDM parameter boundaries. Furthermore, the convergence curves of the LW and the NR method basically coincide, with a convergence speed faster than that of the approximation method. The robustness of a parameter-extraction method is mainly determined by the metaheuristic algorithm, but it is also affected by the simulation current calculation method and the parameter-extraction object. In a word, the approximation method is not suitable for application in PV-model parameter extraction because of incorrect estimation of the simulation current and the RMSE, while the LW and NR methods are suitable for the application for accurately calculating the simulation current and RMSE. In terms of saving computation resources and time, the NR method is superior to the LW method.