In this paper, we present a machine learning based architecture for microwave characterization of inkjet printed components on flexible substrates. Our proposed architecture uses several machine learning algorithms and automatically selects the best algorithm to extract the material parameters (ink conductivity and dielectric properties) from on-wafer measurements. Initially, the mutual dependence between material parameters of the inkjet printed coplanar waveguides (CPWs) and EM-simulated propagation constants is utilized to train the machine learning models. Next, these machine learning models along with measured propagation constants are used to extract the ink conductivity and dielectric properties of the test prototypes. To demonstrate the applicability of our proposed approach, we compare and contrast four heuristic based machine learning models. It is shown that eXtreme Gradient Boosted Trees Regressor (XGB) and Light Gradient Boosting (LGB) algorithms perform best for the characterization problem under study.