Fluorescence lifetime imaging (FLIM) is powerful for monitoring cellular microenvironments, protein conformational changes, and protein interactions. It can facilitate metabolism research, drug screening, DNA sequencing, and cancer diagnosis. Lifetime determination algorithms (LDAs) adopted in FLIM analysis can influence biological interpretations and clinical diagnoses. Herein, we discuss the commonly used and advanced time-domain LDAs classified in fitting and non-fitting categories. The concept and explicit mathematical forms of LDAs are reviewed. The output lifetime parameter types are discussed, including lifetime components, average lifetimes, and graphic representation. We compare their performances, identify trends, and provide suggestions for end users in terms of multi-exponential decay unmixing ability, lifetime estimation precision, and processing speed.