A geomagnetic storm is a phenomenon of weakening of Earth's magnetic field from a few hours to several days, which directly or indirectly affects navigation, transportation, communication, power grids, satellite electronics, etc. In general, the duration of the recovery phase is larger. Thus, its cumulative effect is greater than the main phase. Therefore, it is important to understand the physical processes involved during the recovery phase. In this paper, we have studied the recovery phase of 31 extreme geomagnetic storms that occurred from 1990 to 2020. Each storm demonstrates two distinct features of the recovery phase that is, initial fast and later slow recovery phase. During the fast recovery phase, the rate of recovery either linearly or non‐linearly depends on SYM−H, which has been characterized by an exponential or hyperbolic decay function in various reported studies. In our study, we have noted that the hyperbolic function explains the complete recovery phase of only 11 extreme events. Furthermore, both decay functions fail to explain the late recovery phase of storms. Interestingly, we have found that the rate of recovery during the slow phase shows steady variation (independent to SYM−H), that is, d(SYMbadbreak−H)dt0.3333em=0.3333emconstant. Our analysis suggests that the magnitude of the recovery rate during the late phase is proportional to the magnitude of the storm.