  The more precise extraction for the CKM matrix element |V_{cb}| in the heavy
quark effective field theory (HQEFT) of QCD is studied from both exclusive and
inclusive semileptonic B decays. The values of relevant nonperturbative
parameters up to order 1/m^2_Q are estimated consistently in HQEFT of QCD.
Using the most recent experimental data for B decay rates, |V_{cb}| is updated
to be |V_{cb}| = 0.0395 \pm 0.0011_{exp} \pm 0.0019_{th} from B\to D^{\ast} l
\nu decay and |V_{cb}| = 0.0434 \pm 0.0041_{exp} \pm 0.0020_{th} from B\to D l
\nu decay as well as |V_{cb}| = 0.0394 \pm 0.0010_{exp} \pm 0.0014_{th} from
inclusive B\to X_c l \nu decay.
