No other discipline as much as psychoanalysis is caught in the elusive web of time and history. It is even claimed that time is the most fundamental dimension of psychic reality. Yet, psychoanalysis remains an a historical and dynamic method of analysis of mind in the “here-and-now.” In this paper I shall try to explore the relationship between time and psychic reality. Then, I shall examine the temporal structure of the analytic situation, and try to decipher the transferential meaning of the recall of past events in analysis.