Abstract Systematic study of theoretical estimation of nuclear cross section of charged particle induced reactions on rare earth nuclei has been carried out. The production cross section of the $^{150,149,148,146,144,143,141}$Pm and $^{149,147}$Nd nuclei were calculated theoretically via proton induced reaction on neodymium using TALYS (version 1.96) code in the default mode, with different combination of nuclear models as well as using adjusted nuclear model parameters from reaction threshold to the proton energy upto 65 MeV. The theoretically computed results were compared with the experimental results taken from EXFOR database and literature, reported by various research groups. Moreover, the effect of the various Level Density Models (LDMs), Preequilibrium Models (PEs), Optical Model Potentials (OMPs), gamma Strength Functions ($\gamma$SFs) in the cross section calculation were taken into consideration. The present theoretical analysis will help to understand the theory of nuclear reaction models and improve the evaluated nuclear data libraries.