The adaptive function of balanced time perspective is widely acknowledged within positive psychology, yet little is known regarding the expression of time perspective in clinical populations and its relation to clinical features. The current study aimed to examine the nature of time perspective in schizophrenia and to determine whether alterations in balanced time perspective is associated with maladaptive outcomes in terms of clinical and cognitive symptoms. A total of 104 patients with schizophrenia and 93 matched healthy controls participated in this study. Time perspective, negative symptoms, working memory and response inhibition was measured. Results showed that patients with schizophrenia manifested lower balanced time perspective with marginal significance in the context of impaired working memory but intact response inhibition. Correlation analyses revealed that deviation from balanced time perspective in schizophrenia was negatively associated with working memory capacity, as well as positively associated with negative symptoms such as affective blunting and anhedonia. Our findings point to working memory impairments as a candidate cognitive mechanism underpinning the deviation from balanced time perspective in schizophrenia. We further demonstrate a link between deviation from balanced time perspective and clinical symptomatology in schizophrenia, offering potential avenues for remediation strategies.