The Tower of Time dominates the area and is a symbol for the city of Livadeia. The original building seems to have been built during the Frankish period (1204-1311 BC) on the remains of more ancient constructions. It was lower than the present building and because of its prominent position it was used as a beacon tower.

In 1803 during the Turkish occupation when Lord Elgin arrived in Livadeia, he donated a clock to the town in order to influence the locals and the authorities in the hope that they would allow him to carry out excavations for the Oracle of Trophonius. The clock was placed in the tower. After the liberation from the Turks it was replaced with a larger clock.

The Tower of Time was renovated and equipped with a new clock in 1941, donated by Anastasios Thompopoulos in memory of his brother Efthimios, who was killed in World War II on the Albanian front.