Investigations using nuclear reaction models are significant and have considerable consequences in terms of understanding nuclear reaction processes and their nature. The nuclear data on radionuclides created by the cyclotron find application in nuclear diagnostics and therapeutic treatments. The excitation function of proton-induced nuclear reactions on 82,83,84,86 Kr for the generation of medically beneficial short-lived radioisotopes 81,82m,83,84 Rb from threshold energy to 50 MeV has been investigated using Koning–Delaroche optical model potential with nuclear level density (NLD) from both the phenomenological and microscopic nuclear models incorporated in TALYS1.96 code. The phenomenological constant temperature + Fermi gas model, back-shifted Fermi gas model, generalised superfluid model, and microscopic NLD from the Skyrme–Hartree–Fock–Bogoliubov, Gogny–Hartree–Fock–Bogoliubov, and temperature-dependent Gogny–Hartree–Fock–Bogoliubov NLD tables have been used to calculate the excitation function. The calculated excitation functions are compared with the experimental data from EXFOR and the TALYS evaluated nuclear data library (TENDL2023). An analysis is carried out by estimating the mean deviation D-value between the theoretical and experimental cross-sections, and the NLD model corresponding to the best result is used for the estimation of activity and production yield for each reaction channel.