This study aims to elucidate the carrier dynamics behind thermal droop in GaInN-based blue light-emitting diodes (LEDs) by separating multiple physical factors. To this end, first, we study the differential carrier lifetimes (DCLs) by measuring the impedance of a sample LED under given driving-current conditions over a very wide operating temperature range of 300 K-500 K. The measured DCLs are decoupled into radiative carrier lifetime (τR) and nonradiative carrier lifetime (τNR), via utilization of the experimental DCL data, and then very carefully investigated as a function of driving current over a wide range of operating temperatures. Next, to understand the measurement results of temperature-dependent τR and τNR characteristics, thermodynamic analysis is conducted, which enables to look deeply into the temperature-dependent behavior of the carriers. On the basis of the results, we reveal that thermal droop is originated by the complex dynamics of multiple closely interrelated physical factors instead of a single physical factor. In particular, we discuss the inherent cause of accelerated thermal droop with elevated temperature.