Since the discovery that the Universe is under accelerated expansion in the '90s, several attempts have been made to explain the mechanism that causes this expansion. In this research, we investigate cosmological models using the latest observational datasets - including 41 measurements of the Hubble parameter and the Pantheon sample - and how cosmological observations can be used to estimate the free parameters of these models. We perform cosmological parameter estimation over the ΛCDM and CDM flat models.