The present study examines whether time perspectives (i.e., Past Negative, Past Positive, Present Hedonistic, Present Fatalistic and Future), Deviation from the Balanced Time Perspective (DBTP), and personality traits (i.e., extraversion, agreeableness, conscientiousness, neuroticism, and openness to experience) are good candidates to explain subjective well-being and psychological distress during the COVID-19 pandemic. Using an online survey, we recruited 1483 participants during the Italian mandatory lockdown. Multiple regressions analysis showed that time perspectives strongly predicted subjective well-being, depression, and stress. Participants highly oriented on Past Positive and Future had higher subjective well-being, while participants highly oriented on Past Negative and Present Fatalistic had lower subjective well-being. Regarding DBTP, participants who greatly deviated from the optimal temporal balance reported lower well-being and were more distressed. Regarding the impact of personality traits, extraversion and neuroticism were the factors that better explained subjective well-being, level of stress, and depression, whereas higher levels of openness were associated with lower levels of depression. Finally, DBTP was a significant moderator in the relationships of extraversion and neuroticism with subjective well-being. Implications for time-perspective theory and practical contributions of the study are discussed.