This study explores how time orientation causes identity formation in emerging adulthood. We assume identity formation can be led by a balanced time orientation, which is defined as a time orientation with which individuals not only pursue a future goal but also combine it with living fully in the present. We used a long-term longitudinal design. The participants (N = 181), who were college students at the beginning of this investigation, were followed from age 20–31 years. They were asked to answer a questionnaire that was composed of the Time Orientation Questionnaire (TOQ) and the Identity Status Scale (ISS). A bivariate latent growth curve model using the data at age 24, 27, and 30 years revealed that, as predicted, a balanced time orientation contributed to identity development. We mainly discuss the results of the analyses in terms of the role of a balanced time orientation in revising identity as they accommodate a wider range of life experiences during the transition to adulthood.