This study examined how university students' time perspective (Zimbardo et al., 1999) was impacted by the COVID-19 pandemic and whether changes in past-, present- and future orientation predicted depression levels. In May 2021, 163 German students (M_age = 22.3 y., 136 female) completed an online retrospective pre-post study (Little, 2019; Müller, 2016). They first answered the Short Time Perspective Inventory, which provides a profile of five time perspective scores, and a non-clinical depression scale. Then, they vividly imagined a pre-pandemic day and completed both scales again as they would have had on that day. Lagged regression was used to test whether changes in time orientation predicted current depression level while controlling for pre-pandemic depression level, age and gender. A model including time perspective variables predicted depression level significantly better (R-squared = 0.59) than a model with only control variables (R-squared = 0.19, F(5;154) = 29.8, p < 0.001). Higher depression was predicted by decreases in future (beta = -0.28, p < 0.001) and past-positive orientation (beta = -0.20, p < 0.001) and increases in past-negative orientation (beta = 0.19, p < 0.001). The findings show that changes in time perspective partly explain the negative impact of crises like COVID-19 on well-being. Interventions and policies should consider time perspectives and help individuals develop positive views of past, present, and future.