Time clone is a jutsu that, in a similar vein to a shadow clone, creates a physical copy of one's self. The differences however are that a time clone lasts a much shorter amount of time, and instead of spawning with the user and the users current intentions, instead spawns where the user would be and what the user would be feeling 5 seconds later. For example there is person A and B on the battlefield:
A-------------------------------------------------------------------------------B
Shadow clone would regularly set up as this:
A-A1---------------------------------------------------------------------------B
Time clone, on the other hand, would set up as this:
A---------------------------------------------------------------------------A1-B