Identification of the optimal quantum metrological protocols in realistic many particle quantum models is in general a challenge that cannot be efficiently addressed by the state-of-the-art numerical and analytical methods. Here we provide a comprehensive framework exploiting matrix product operators (MPO) type tensor networks for quantum metrological problems. The maximal achievable estimation precision as well as the optimal probe states in previously inaccessible regimes can be identified including models with short-range noise correlations. Moreover, the application of infinite MPO (iMPO) techniques allows for a direct and efficient determination of the asymptotic precision in the limit of infinite particle numbers. We illustrate the potential of our framework in terms of an atomic clock stabilization (temporal noise correlation) example as well as magnetic field sensing (spatial noise correlations). As a byproduct, the developed methods may be used to calculate the fidelity susceptibility—a parameter widely used to study phase transitions. © 2020, The Author(s).