Air strikes are among the main means of attack in modern warfare. To improve air defense capabilities and aid military decision-making, threat assessment models have been introduced. As the parameters of the kernel extreme learning machine (KELM) model need to be set individually, this study proposes a parameter learning strategy based on a multistrategy improved sparrow search algorithm (MISSA). First, a reasonable threat assessment model was established based on the capability and situation factors of air targets. Second, the sparrow search algorithm was improved in terms of population position initialization and position update strategy, incorporating tent chaos reverse learning, nonlinear inertia weights, a global search strategy, and adaptive t-distribution. The effectiveness of the MISSA strategy was verified using nine common benchmark functions. The results show that the proposed MISSA finds an effective balance between global and local searches. Moreover, when the MISSA is applied to solve the tuning problem of KELM, the values of mean absolute percentage error, mean square error, root mean square error, and mean absolute error for MISSA–KELM in the air target threat assessment problem are 2.013 × 10−2, 1.282 × 10−4, 1.132 × 10−2, and 8.316 × 10−3, respectively, all of which are higher than that of the other metaheuristic algorithms (e.g., ACWOA-KELM and HGWO-KELM). Therefore, the method proposed in this study can be used as a parameter-tuning tool for KELM, enabling KELM to perform better in practical applications.