This paper proposes an efficient parameter extraction algorithm for GaN high electron mobility transistors smallsignal equivalent circuit model. The algorithm combines parameter scanning and iteration methods to solve the problem of error accumulation in conventional methods and is implemented in MATLAB programming. By using the iteration method, the algorithm each time uses more accurate element values thus makes the results converge to the optimal value faster. A 20-element small-signal equivalent circuit model of GaN high electron mobility transistors is used to validate the proposed algorithm, and the results show that the calculated S-parameters agree well with the measured S-parameters within the frequency range of 0.1 to 40 GHz.