Time-based prospective memory is the ability to fulfil an intention at the appropriate future moment, such as meeting a friend at 7:00 p.m., or taking the medication at dinner. Time-based prospective memory is a complex cognitive function that can be influenced by a myriad of factors, including individual and contextual characteristics. Although in the last 30 years there has been a growing research interest in the literature, the neurocognitive processes underlying time-based prospective memory are still a matter of debate. Specifically, there is limited knowledge about how time perception affects strategic monitoring of the external time, which is essential to perform time-based prospective memory tasks on time. Indeed, research generally assumes reliable connections between time perception and strategic time monitoring, but such assumption has been investigated systematically not very often. Moreover, it is not clear the extent of the age impact on time monitoring in laboratory-based tasks, as well as the link between age effects with time-based prospective memory performance, and the cognitive modulation induced by task-specific factors, such as the frequency or the duration of the prospective memory tasks. Finally, it is unknown the influence of motivational mechanisms on time monitoring and time-based prospective memory failures.