It was first published in New York City on March 3, 1923, and for many years it was run by its influential co-founder, Henry Luce. A European edition (Time Europe, formerly known as Time Atlantic) is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition (Time Asia) is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. In December 2008, Time discontinued publishing a Canadian advertiser edition.

As of 2012, Time had a circulation of 3.3 million, making it the 11th-most-circulated magazine in the United States and the second-most-circulated weekly behind People. In July 2017, its circulation was 3,028,013; this was cut down to 2 million by late 2017. The print edition has a readership of 1.6 million, 1 million of whom are based in the United States.