It's time + to-infinitive — the right moment

Use it's time + to-infinitive in a neutral, calm way, when the expected or planned moment for something has simply arrived.

ExampleMeaning
It's time to eat.It's simply lunchtime/dinnertime — neutral.
It's time to leave for the airport.The planned moment has arrived, right on schedule.
It's time to start the meeting.It's the scheduled starting time.

It's time + subject + past simple — urgency

Use it's time + subject + past simple (an unreal past, just like after wish and if only) when the action should already be happening — there's a sense of urgency, delay, or mild criticism: "it's about time that…". It's high time makes this even stronger.

ExampleMeaning
It's time you went to bed.You should already be in bed — it's overdue.
It's time we ate.We should be eating already — it's about time that we ate.
It's high time you found a job.Even more urgent — this is long overdue.
Past simple ≠ past meaning: As with wish and if only, the past simple here does NOT refer to the past. It's a present, unreal form used to add urgency: "It's time you went" = You should go NOW.
Infinitive vs past simple — the core difference: The key difference is timing and urgency. Use it's time + to-infinitive when the right, expected moment has simply arrived, in a neutral or calm way (e.g. "it's time to eat"). Use it's time + subject + past simple when the action should already have happened, with a sense of urgency or delay — an unreal past that conveys "it's about time that…" (e.g. "it's time we ate" = we should already be eating). In short: the infinitive signals that the moment is simply the right one; the past simple emphasizes that the moment is already slipping away.

It was time + past perfect — done, but late

Use it was time + subject + past perfect when the action has already happened by the point you're describing — but later than it should have. This is the key difference from "it's time": with it's time + past simple, the action still hasn't happened yet (it's overdue right now); with it was time + past perfect, the action DID happen, just late.

ExampleMeaning
It was time she had made a decision.She finally made the decision — but later than she should have.
It was time we had left the party.We did eventually leave — but it was overdue by then.
It was high time he had found a job.He finally found one — but much later than expected.
Bottom line — it's time vs it was time: It's time + past simple = the action does not exist yet and is getting late (still pending, present). It was time + past perfect = the action already happened, but late (completed, past). Same idea of being overdue — the difference is simply whether the action has happened yet or not.
Same family as wish and if only: It's time / it was time belongs to the same group of expressions as wish and if only — all of them use an unreal past tense to talk about something that isn't (or wasn't) true, but is wanted or needed.

Exercises

Choose the correct form.

1. It's time ___. The last bus leaves at midnight.

2. It's time you ___ your driving licence — you've been putting it off for a year.

3. It's high time we ___ a decision — we've been discussing this for hours.

4. It's ___ to start the meeting — everyone is here right on time.

5. She'd been unhappy there for years, and it was time she ___ — which she finally did, months later than she should have.

6. It's time you ___ up — you're still in bed and it's almost noon!