Lifeboat is one of the most important life-saving equipment for escaping at sea when a ship is abandoned in an extreme emergency. An accurate drift model can help rescuers find the drift position of lifeboat in the shortest time, thus improving the efficiency of marine search and rescue (SAR) at sea and ensuring the safety of wrecked people. The purpose of this paper is to investigate the drift characteristics and to develop an accurate drift prediction model for the open lifeboat. First, large-scale drift experiments were conducted to analyze the drift characteristics with three 6.5-meter-long real-size open lifeboats in the South China Sea. Next, three drift prediction models of the lifeboats were developed using the least squares method based on the drift experimental data. Finally, the drift prediction models of the lifeboats were compared and evaluated using the Lagrangian method and Monte Carlo technique, respectively. Results indicate that the probability of positive crosswind leeway (CWL) of the open lifeboat is 47.5%. The jibing frequency is 6% per hour, and the maximum leeway divergence angle is 45°. These drift characteristics are very important for the prediction of the open lifeboat drift trajectory. The comparison results of three drift models show that the improved drift model is more accurate than the other two drift models for predicting drift trajectories of the open lifeboat, which can be directly applied to maritime search and rescue operations in the South China Sea.