In this study, a mathematical model for fast determination of the permeabilities of tight rocks using measurements taken from the initial period of the One Chamber Pressure Pulse Decay (OC-PPD) test is presented. The model applies to measurements taken both before and after the pressure pulse front has reached the downstream end of the specimen. The analytical solutions for the pressure decay in the upstream chamber are derived based on a parabolic arc approximation of pore pressure distribution along the test specimen. This approximation allows converting the initial–boundary value problem of fluid diffusion in the specimen, governed by partial differential equations, to a system of ordinary differential equations that can be easily solved by explicit formulae. Thus, an explicit formula for the pressure decay rate is obtained, which enables inverse analysis of the initial experimental data to estimate the rock permeability. The proposed method expedites the pulse decay test as it does not require the system to reach equilibrium. The method is validated with three sets of experimental data of the OC-PPD test using helium as the diffusing fluid, for which the relative error of the permeability is found to be less than 6%. This method is particularly useful if the equilibrium time of the pulse decay test for rock specimens with permeabilities in the range of nano-Darcy takes hours or days.