A radio wave correction timepiece has an antenna 21 for receiving external radio information including time information consisting of external time data, a reception circuit 22, and a time counter 53 for producing internal time data. A control circuit 24 has a comparison circuit 54 for determining the difference between received external time data and internal time data, and outputting a difference data value. A reception information storage unit 71 stores at least a plurality of data sets, each consisting of received external time data and its resultant difference data value. A correction calculation unit 62 calculates an estimated correction value using the plurality of stored data sets, and the elapsed time from the last reception. An internal time correction control unit 61 corrects the internal time using the estimated correction value.