The existing scales for measuring balanced time perspective (BTP) have limitations, such as poor‐fitting structures or a complex calculation method. Based on previous studies, we conceptualize BTP as an individual's overall positive outlook on the past and future and mindfully living in the present. The present study aimed to develop the Time Perspective Inventory (TPI) for Chinese adults, determine its psychometric properties, and examine a simple calculation method for generating a score to represent BTP. In study 1, a 7‐factor structure of TPI – Past Positive, Past Negative, Mindful Present, Present Hedonistic, Present Excessively Task‐oriented, Future Positive, and Future Negative – was established through exploratory (sample 1, N = 529) and confirmatory (sample 2, N = 577) factor analyses. Findings supported the internal consistency, test–retest reliability, and criterion‐related validity of the TPI. We proposed using the score difference between positive time perspectives and negative time perspectives to calculate the BTP. Findings showed that the correlations between BTP and subjective well‐being indicators and anxiety were higher than among individual dimensions of TPI. Study 2 (sample 3, N = 713) compared the effects of the TPI and the Chinese version of the Zimbardo Time Perspective Inventory (ZTPI‐C) on well‐being indicators and anxiety. Results indicated that the variance of life satisfaction, positive affect, negative affect, and anxiety explained by BTP measured with TPI was higher than deviation from BTP (DBTP) measured with ZTPI‐C. Together, the TPI yields reliable and valid BTP scores among Chinese adults. [ABSTRACT FROM AUTHOR]