Time management is very important to every individual who aspires to become an achiever. Time is limited, irreversible and very essential resource to all. Due to the impact of modern lifestyles student's time consumption is diverted to other activities rather than towards their studies. The students in the formal education are always involved in attending the classes, submitting the assignments and project, writing their internal exams, external examinations and other extracurricular activities. Due to these daily routine and essential works, majority of the students do not concentrate on their goals. If they properly manage their time right from the starting of their first class of that respective academic year then they can achieve their goals successfully. In this particular paper, the time management, its importance, different time management techniques and review about the impact of time management on academic performance of students is presented.