We studied the correlation between carrier characters and water oxidation activity of commercially available rutile-type TiO2 powders by global and target analysis of time-resolved transient diffuse reflection spectra. The whole observed data-set were well fitted by the target analysis using three independent components. Spectral shape of surface carriers and their time evolution obtained by the target analysis have intimate relation in the water-oxidation activities. A series of this type of investigation will contribute to the breakthrough of the material design for promising photocatalyst.