The dual character of way humans perceive the world (i.e. the objective vs. the subjective aspects) is inevitably reflected in the expression of time as a basic category of such a worldview. Time in relation to physical objects and time in relation to the speaker have different features. This paper suggests a dual cognitive linguistic model in order to investigate the above types of the TIME concept: on the one hand, TIME as a concept, a category, a conceptual interframe network, a complex image, and on the other hand, as a mental space verbalized in language and discourse.