We developed a scale to measure time management and assessed its reliability and validity. We then used this scale to examine the impact of time management on psychological stress response. In Study 1-1, we developed the scale and assessed its internal consistency and criterion-related validity. Findings from a factor analysis revealed three elements of time management, “time estimation,” “time utilization,” and “taking each moment as it comes.” In Study 1-2, we assessed the scale’s test-retest reliability. In Study 1-3, we assessed the validity of the constructed scale. The results indicate that the time management scale has good reliability and validity. In Study 2, we performed a covariance structural analysis to verify our model that hypothesized that time management influences perceived control of time and psychological stress response, and perceived control of time influences psychological stress response. The results showed that time estimation increases the perceived control of time, which in turn decreases stress response. However, we also found that taking each moment as it comes reduces perceived control of time, which in turn increases stress response.