The importance of time management has been felt and empirical studies on it has been gaining popularity in the decades. To ensure a systematic management of time various models and theories have been designed by many researchers. Since the new generation is born in a digital era, digital media has taken major parts in one’s life and so time has been spent on such media which can act like a time wasting activity. The way people spend their leisure time affects their behaviour, growth and life, proving the need to manage free time. The present study has been designed to bring out an overview of existing time management models and theories. It has tried to draw the importance and practical implications of the models and theories under study. The study shows the need to include time management skills to reduce psychological stress resulting from untimely completion of responsibilities and tasks.