New equations for recombination lifetime calculation based on the open circuit voltage decay (OCVD) method were proposed. The new equations can yield accurate recombination lifetime values of the i-layer of PiN diodes in which a silicon epitaxial layer is employed, by eliminating the effects of carrier diffusion into p+ and n+ layers from the i-layer of PiN diodes, carrier injection into the i-layers from the depletion layer of PiN diodes, and surface recombination on the side wall of PiN diodes. To verify the effectiveness of the new equations, OCVD measurements were performed by employing technology computer-aided design (TCAD) simulation and actual PiN diodes. Although the calculated values implied the effect of epitaxial layer thickness, they were consistent with the results obtained under assumed lifetime conditions for TCAD simulation, the theory of recombination lifetime, and results in other reports.