As a privacy-preserving collaborative machine learning paradigm, federated learning (FL) has attracted significant interest from academia and the industry alike. To allow each data owner (a.k.a., FL clients) to train a heterogeneous and personalized local model based on its local data distribution, system resources and requirements on model structure, the field of model-heterogeneous personalized federated learning (MHPFL) has emerged. Existing MHPFL approaches either rely on the availability of a public dataset with special characteristics to facilitate knowledge transfer, incur high computation and communication costs, or face potential model leakage risks. To address these limitations, we propose a model-heterogeneous personalized Federated learning approach based on feature Extractor Sharing (pFedES). It incorporates a small homogeneous feature extractor into each client's heterogeneous local model. Clients train them via the proposed iterative learning method to enable the exchange of global generalized knowledge and local personalized knowledge. The small local homogeneous extractors produced after local training are uploaded to the FL server and for aggregation to facilitate easy knowledge sharing among clients. We theoretically prove that pFedES can converge over wall-to-wall time. Extensive experiments on two real-world datasets against six state-of-the-art methods demonstrate that pFedES builds the most accurate model, while incurring low communication and computation costs. Compared with the best-performing baseline, it achieves 1.61% higher test accuracy, while reducing communication and computation costs by 99.6% and 82.9%, respectively.

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