In this article, a modified equivalent circuit model for analysis of terahertz (THz) photoconductive antennas has been introduced to investigate the effect of temperature on the performance of this device. Based on this modified equivalent circuit model, the effect of temperature on various parameters of a THz photoconductive antenna such as excited THz photocurrent, radiated electromagnetic field and optical‐to‐THz power conversion efficiency has been studied. The model predicts that an increase in the operational temperature of photoconductive antennas results in lower induced THz photocurrent, lower radiated electromagnetic field and also lower optical‐to‐THz power conversion efficiency which is in accordance with experimental results. © 2015 Wiley Periodicals, Inc. Microwave Opt Technol Lett 55:2475–2479, 2015