Time-dependent charge transport in operating poly(3-hexylthiophene):[6,6]-phenyl-C61-butyric acid methyl ester (P3HT:PCBM) bulk heterojunction organic photovoltaic (OPV) devices has been characterized with impedance spectroscopy. Devices with varied composition and morphology were measured over a range of illumination intensities ranging from dark conditions to 1 sun and applied bias voltages ranging from 0.0 V to 0.75 V. Using an equivalent circuit model, materials properties such as dielectric constant and conductivity were determined and found to be in agreement with values measured by other methods. Average carrier lifetimes were also extracted from the model and found to correlate with measured power conversion efficiencies. At the short circuit condition and ∼1 sun illumination, the average electron lifetime was found to vary from 7.8 to 22 μs for devices with power conversion efficiencies ranging from 2.0 to 2.5%. These results suggest that impedance spectroscopy is an effective tool for predicting how processing parameters can impact device performance in organic bulk heterojunction photovoltaic devices.