Electronic devices may include camera modules. A camera module may include an array camera having an array of lenses and an array of corresponding image sensors. Parallax correction and depth mapping methods may be provided for array cameras. A parallax correction method may include a global and a local parallax correction. A global parallax correction may be determined based on one-dimensional horizontal and vertical projections of edge images. Local parallax corrections may be determined using a block matching procedure. Further improvements to local parallax corrections may be generated using a relative block color saturation test, a smoothing of parallax correction vectors and, if desired, using a cross-check between parallax correction vectors determined for multiple image sensors. Three dimensional depth maps may be generated based on parallax correction vectors.