An increasing interest in the construct of time perspective (TP), describing dispositional tendencies to use, and overuse particular time horizons, is observed in psychological research literature. Additionally, it has been suggested that people can develop Balanced Time Perspective (BTP). The term BTP refers to the ability to switch effectively between temporal horizons in response to situational and environmental demands. Among various methods assessing BTP, one has gained particularly high attention of researchers, namely Deviation from the Balanced Time Perspective (DBTP). It depicts a deviation from an optimal temporal profile, and has been shown to be a robust predictor of multiple real-life outcomes and psychological variables. In the present article, we provide a systematic review of the empirical literature reporting relationships between DBTP and psychological variables. Our review shows that the findings refer to a number of psychological phenomena, including well-being, mental health, personality, cognitive functioning, self-control, interpersonal relations, as well as biological features and demographic variables. In the discussion, we conclude that, in the light of the reviewed research applying DBTP, BTP appears to be an important mechanism of adaptation, with particularly pronounced effects on well-being. We also highlight potential pathways for future research on the phenomenon of temporal balance.