In the present studies we examine complex relationships between time perspective (the characteristic way in which an individual partitions the flow of personal experiences into time-bound categories; TP) and cognitive ability. Additionally, we consider cognitive, emotional and motivational mediators of these associations. In study 1 (n = 238) we measured TP, fluid and verbal intelligences as well as subjectively assessed intelligence. Past Negative and Present Fatalistic TPs correlated negatively with fluid and verbal intelligences. Present Hedonism was negatively, and Future TP positively, associated with verbal intelligence. Subjectively assessed intelligence mediated the relationship between Present Fatalism and intelligence. Finally, Balanced TP positively correlated with fluid intelligence. Study 2 (n = 306) revealed that Present Fatalism and Past Negative were associated with higher stress related to intelligence-test performance, while Balanced TP reduced this stress. The obtained results suggest that TP may play a significant role in acquiring abilities (crystallized intelligence), but also that it probably influences test performance.