When attempting to use the income approach for the purpose of technology valuation, it is essential to identify the economic life of the technology in question. From the mid-2000s up to the present, the methods proposed by major Korean institutions for estimating the economic life of technologies have been based on cited patent life (CLT), which is one of the types of technology life. The present study utilizes cited patent life (CLT) to estimate the economic life of technology for the purpose of technology valuation, and proposes a new method of analyzing cited patent life, a method that has been improved by taking into consideration the elapsed period and the time period of investment required for commercialization, two factors which have been hitherto overlooked. Survival curve analysis is a method that has already been widely utilized to estimate the economic life of tangible assets, and this study applies the same method to the calculation of the cited patent life index of technology to provide a more objective method for determining the lifetime of a technology. The remaining life expectancy of cited patent life based on the number of elapsed years was calculated and used to determine the life expectancy of a technology that has reached a specific number of elapsed years, which is referred to as the remaining cited-patent life time (r-CLT).