Former beauty queen Lacey Carroll claimed the magician sexually assaulted her during a vacation on his private island in the Bahamas in 2007.
Copperfield was cleared of any wrongdoing in 2010, but in a candid new TV interview with Oprah Winfrey, he admits the two-year investigation was hell.
He says, "To be falsely accused of something that horrendous is a devastating thing for yourself, your friends, your family, really bad.
"When the truth comes out - you know she was arrested, not me - finally things you know come to light."
Winfrey told him, "People remember the charge. They don't remember the exoneration," to which Copperfield replied, "Not only exoneration, but I was the victim."