Gradient descent algorithms on Riemannian manifolds have been used recently for the optimization of quantum channels. In this contribution, we investigate the influence of various regularization terms added to the cost function of these gradient descent approaches. Motivated by Lasso regularization, we apply penalties for large ranks of the quantum channel, favoring solutions that can be represented by as few Kraus operators as possible. We apply the method to quantum process tomography and a quantum machine learning problem. Suitably regularized models show faster convergence of the optimization as well as better fidelities in the case of process tomography. Applied to quantum classification scenarios, the regularization terms can simplify the classifying quantum channel without degrading the accuracy of the classification, thereby revealing the minimum channel rank needed for the given input data.