New discrete time domain models for the peak current controlled (PCC) power LED drivers in continuous conduction mode include for the first time the effects of the time delay in the pulse-width-modulator. Realistic amounts of time delay are found to have significant effects on the average output LED current and on the critical inductor value at the boundary between the two conduction modes. Especially, the time delay can provide an accurate LED current for the PCC buck converter with a wide input voltage. The models can also predict the critical inductor value at the mode boundary as functions of the input voltage and the time delay. The overshoot of the peak inductor current due to the time delay results in the increase of the average output current and the reduction of the critical inductor value at the mode boundary in all converters. Experimental results are presented for the PCC buck LED driver with constant-frequency controller.