Time magazine is known for its signature red border on the cover. Time magazine's most famous annual issue is the "Person of the Year." Time recognizes an individual or group of individuals in the publication's opinion who have had the biggest impact on news headlines over the past year. In some cases the Time "Person of the Year" is selected for a negative impact over the course of the year.

Another very popular annual Time issue is the annual list of the 100 most influential people of the year. These issues are filled with color photos and articles about the lives of the influential people.

Time magazine began in 1923 and has over 21 million readers of which 17.5 million are in the United States. There are three Time magazine publications not based in America. The European edition covers the Middle East, Africa, and Latin America. The Asian edition is based in Hong Kong. The South Pacific edition covers Australia, New Zealand, and the Pacific Islands.

The iconic red border on Time's cover has only been changed four times in history: after the September 11th attacks, the 2008 Earth Day issue, the 10th anniversary of September 11th, and the December 31, 2012 Time issue selecting Barack Obama as "Man of the Year." Time's "Person of the Year" award was originally the "Man of the Year" award. Time's annual list of the 100 most influential people of the year was once a list of the 100 most influential people of the 20th century.