A novel clock recovery scheme based on inband pilot insertion and extraction was demonstrated for ultrahigh bit rates Optical TimeDivision Multiplexing (OTDM) system. The clock recovery function was realized by inserting and extracting an inband clock pilot located in the data spectrum, which did not need any ultrafast phase comparator or phaselocked loop in the receiver. The scheme allowed fast synchronization, low timing jitter and highly stable recovered clock for OTDM receivers. The clock pilot was constructed with phase modulation and intensity modulation, respectively, which showed errorfree operation of 160to40 Gb/s demultiplexing. The proposed method simplfies clock recovery configuration throught preprocessing of data signal in the optical domain between optical transmitter and receiver, which is compatabile with standard OTDM system after minor modification of optical transmitter and receiver.