The article analyzes the concept of psychological time of the philosopher and psychologist Georgy Chelpanov. The innovation of the study is presented, firstly, in the interpretation of the Chelpanov’s ideas about the perception of a sequence of images over time; secondly, in the analysis of the properties of psychological time in the context of the modern epistemological approach. In the research there were used the following methodological tools: hermeneutic and comparativistic analysis, the experience of philosophical reconstruction. The study revealed that Chelpanov distinguished two types of time: psychological and mathematical. The first type is realized as the ability to conceive the duration of "images". Mathematical time is an artificial logic-symbolic tool necessary for distracting and fixing information flows. The present, according to Chelpanov, is not a "moment" and not a certain "now," but a time atom containing a minimum of images. Finally, it was found out that the nature of time perception is determined by the bodily and mental organization of a person. Chelpanov presents hypothetical descriptions, correlating human bodily reactions with insects, as well as allowing situations of increasing or decreasing the lifetime of the human body.