This work presents a study of an open-circuit voltage decay transient in dislocation-engineered Si p–n junctions. It is found that upon switching off the illumination the open-circuit voltage decreases with time according to the exponential function, whereas the excess carrier concentration decreases with time according to the double exponential function. This result indicates that the dislocation-engineered Si p–n junctions are sensitive to variations of the band-to-band illumination intensity. It is found that the carrier lifetime and open-circuit voltage can be modulated by ultrasound treatment.