Transient photovoltage (TPV) is a technique frequently used to determine charge carrier lifetimes in thin-film solar cells such as organic, dye-sensitized, and perovskite solar cells. As this lifetime is often incident light intensity-dependent, its relevance to understanding the intrinsic properties of a photoactive material system as a material or device figure of merit has been questioned. To extract complete information on recombination dynamics, TPV measurements are often performed in conjunction with charge extraction (CE) measurements, to determine the photogenerated charge carrier density and thereby the recombination rate constant and its order. In this communication, the underlying theory of TPV and CE is reviewed and expanded. Our theoretical findings are further solidified by numerical simulations and experiments on organic solar cells. We identify regimes of the open-circuit voltage within which accurate lifetimes and carrier densities can be determined with TPV and CE experiments. A wide range of steady-state light intensities is required in performing these experiments in order to identify their “working dynamic range” from which the recombination kinetics in thin-film solar cells can be determined.