Photoinduced discharge is a common experimental technique for studying photogeneration and carrier transport in photoconductors. Although the technique was first devised for discharge with strongly absorbed light and trap‐free transport, its application to systems with bulk‐generated carriers and/or trap‐controlled transport is becoming more important. It is noted that in the latter case, a finite error can be introduced by using the existing formula for data analyses. This paper describes a generalized method of deducing electronic transport and photogeneration properties from photoinduced discharge characteristics.