The precise quantification of the impact of photoluminescence reabsorption (PLr) in metal-halide perovskite solar cells (PSCs) has remained challenging. Here, the PLr effect is examined by combined time-resolved photoluminescence (TRPL) spectroscopy and time-resolved terahertz spectroscopy (TRTS) and a model is proposed which relates both the PLr and non-radiative recombination rate (k nr ) to the quasi-Fermi-level-splitting (QFLS). PLr is shown to be beneficial for the QFLS when k nr is below a critical value of ∽7×105 s−1; at high k nr PLr is detrimental to the QFLS. By incorporating PLr into a two-diode model that allows extraction of the effective k nr , the series resistance (r s ), and the shunt resistance (r sh ) in PSCs, we find that neglecting PLr overestimates the effective k nr , while it does not affect the value of r s and r sh . Our findings provide insight into the impact of the PLr effect on metal-halide PSCs.