How to dynamically remove input field which is created dynamically using JavaScript

1. The way you create the elements has a problem. You are giving the new element a hardcoded id and this means that when adding more than one, you will end with multiple elements with the same id ?(which is invalid and prone to errors when accessing the DOM)
2. Since you use jQuery, why not simplify your code when adding/removing elements by utilizing it?

I would use something like this

html

<input type="button" class="button2 addField" value="Add Time" />
<input type="button" class="button2 removeField" value="Remove Time" />

script

$(function(){
    $('.addField').on('click', function(){
        $('<input type="text">', {
              name: 'i[]',
              value: '',
              'class': 'daters'
        }).appendTo('#dispTime');
    });

    $('.removeField').on('click', function(){
         $('#dispTime .daters').last().remove();
    }); 
});

If you are not using jQuery then the way to remove an element

function removeTextField(){
   var elements = document.getElementById('dispTime').getElementByClassName('i[]'),
       last = elements[elements.length-1];

   last.parentNode.removeChild(last);
}

function removeTextField() {
    var timepicker = document.getElementByID("timepicker_7");
    timepicker.parentElement.removeChild(timepicker);
}

you can use $.remove() for this..

refer: http://api.jquery.com/remove/

Suggestion: instead of creating elements like the one you did, create like this.

  $('body').append("<input name='i[]' value='' class='daters' id='timepicker_7' />");

  $('#timepicker_7').remove();

if you are creating elements on demand and want to use this element multiple times. now you have a function which can be used as many times you want, anywhere on the page

function GetTextField() {
    var field = "<input name='i[]' value='' class='daters' id='timepicker_7' />";
    return field;
}

var field = GetTextField();
$('body').append(field);

$("#dispTime #timepicker_7").remove()

This is my idea(not tested):

Every time you add an input, just push it in a array, so you can remove it after:

<script type="text/javascript">
var inputStack = new Array();
function addTextField(){
    var element = document.createElement("input");
    element.setAttribute("name", "i[]");
    element.setAttribute("value", "");
    element.setAttribute("class", "daters");
    element.setAttribute("id", "timepicker_7");

    var myvalue = document.getElementById("dispTime");
    myvalue.appendChild(element);
    inputStack.push(element);
}
// Now if you want to remove, just do this

inputStack[0].remove(); // I think it'll work for example
</script>