Variational modal decomposition (VMD) is frequently employed for both signal decomposition and extracting features; however, the decomposition outcome is influenced by the quantity of intrinsic modal functions (IMFs) and the specific parameter values of penalty factors. To tackle this issue, we propose an algorithm based on the Halton sequence and the Laplace crossover operator for the sparrow search algorithm–VMD (HLSSA-VMD) to fine-tune the parameters of VMD. First, the population initialization by the Halton sequence yields higher-quality initial solutions, which effectively addresses the issue of the algorithm’s sluggish convergence due to overlapping and the lack of diversity of the initial solutions. Second, the introduction of the Laplace crossover operator (LX) to perturb the position of the best individual in each iteration helps to prevent the algorithm from becoming ensnared in a local optimum and improves the convergence speed of the algorithm. Finally, from the simulation of 17 benchmark test functions, we found that the HLSSA exhibited superior convergence accuracy and accelerated convergence pace, as well as better robustness than the particle swarm optimization (PSO) algorithm, the whale optimization algorithm (WOA), the multiverse optimization (MVO) algorithm, and the traditional sparrow search algorithm (SSA). In addition, we verified the effectiveness of the HLSSA-VMD algorithm on two simulated signals and compared it with PSO-VMD, WOA-VMD, MVO-VMD, and SSA-VMD. The experimental findings indicate that the HLSSA-VMD obtains better parameters, confirming the superiority of the algorithm.