This study presents a comprehensive numerical investigation on the generation of a microwave frequency comb (MFC) using a semiconductor laser subjected to periodic-modulated optical injection. To enhance performance, optoelectronic feedback is incorporated through a dual-drive Mach–Zehnder modulator. The results show that the first optoelectronic feedback loop, with a delay time inversely proportional to the modulation frequency, can optimize MFC generation through a mode-locking effect and the second optoelectronic feedback loop with a multiple delay time of the first one can further enhance the performance of the MFC. The comb linewidth appears to decrease with the increase in the second-loop delay time in the power function. These results are consistent with experimental observations reported in the literature. We also explore the impact of the feedback index on comb contrast, the statistical characteristics of the central 128 lines within the MFC, and side peak suppression. The simulation results demonstrate the presence of an optimal feedback index. The study also reveals that linewidth reduction, through increasing the feedback index and delay time, comes at the cost of declining side peak suppression. These findings collectively contribute to a deeper understanding of the factors influencing MFC generation and pave the way for the design and optimization of high-performance MFC systems for various applications.