The classical D^{2}-Law states that the square of the droplet diameter decreases linearly with time during its evaporation process, i.e., D^{2}(t)=D_{0}^{2}-Kt, where D_{0} is the droplet initial diameter and K is the evaporation constant. Though the law has been widely verified by experiments, considerable deviations are observed in many cases. In this work, a revised theoretical analysis of the single droplet evaporation in finite-size open systems is presented for both two-dimensional (2D) and 3D cases. Our analysis shows that the classical D^{2}-Law is only applicable for 3D large systems (L≫D_{0}, L is the system size), while significant deviations occur for small (L≤5D_{0}) and/or 2D systems. Theoretical solution for the temperature field is also derived. Moreover, we discuss in detail the proper numerical implementation of droplet evaporation in finite-size open systems by the mesoscopic lattice Boltzmann method (LBM). Taking into consideration shrinkage effects and an adaptive pressure boundary condition, droplet evaporation in finite-size 2D/3D systems with density ratio up to 328 within a wide parameter range (K=[0.003,0.18] in lattice units) is simulated, and remarkable agreement with the theoretical solution is achieved, in contrast to previous simulations. The present work provides insights into realistic droplet evaporation phenomena and their numerical modeling using diffuse-interface methods.