Excitonic optical properties of GaN homoepitaxial layers have been studied by means of magneto-luminescence and time-resolved luminescence spectroscopy. The luminescence lines due to the radiative recombination of excitons bound to neutral donors and acceptors have been measured under magnetic field up to 8 T, which was aligned perpendicular and parallel to the hexagonal c-axis. Under the magnetic field aligned perpendicular to the hexagonal c-axis, both the donor- and acceptor-bound-exciton lines clearly split into two components, which originated from the Zeeman splitting. The effective g-factors for both the donor- and acceptor-bound excitons were estimated to be 2.02 and 2.47, respectively. Under the magnetic field aligned parallel to the hexagonal c-axis, slight broadening of the bound-exciton lines was observed and the Zeeman splitting was too small to be detected. On the other hand, the diamagnetic shift for both the donor- and acceptor-bound-exciton luminescence lines was observed under the magnetic field aligned both perpendicular and parallel to the hexagonal c-axis. It was found that the diamagnetic shift of the donor-bound exciton was smaller than that of the acceptor-bound exciton. Furthermore, recombination dynamics of excitonic transitions was measured under high-density excitation. An excitation-density-dependent transition of the dominant radiative recombination process from donor-bound excitons to biexcitons was clearly observed in the temporal behavior. In addition, double-exponential decay of biexciton luminescence was observed, which is one of the characteristics of biexciton luminescence at high excitation densities.