An analysis is made of the induction time t(i) in new phase formation, i.e. of the time elapsing before the onset of the process. A general formula for t(i) is proposed which is valid for any number of nuclei appearing and growing in the parent phase and which unites the known expressions for t(i) only applicable when either one or a large number of nuclei are involved in the process. This formula for t(i) is used for determination of the metastability limit in new phase formation, i.e. of the critical (or maximum) supersaturation below which the parent phase can stay long enough in metastable equilibrium.