1. It's (high) time + past subjunctive expresses that something should be done and that it is already a little late:
It's time you went to bed. You'll have to get up early tomorrow.
It's high time I bought a new pair of jeans.
It's about time this road was completed. They've been working on it for months.
2. When we say that the right time has arrived for something and we are still in time, we can use the following patterns:
It's time (for you) to goto bed.
It's time to say goodbye.
It's time for breakfast.