Abstract: The subject of the study is the exaggeration and understatement of time in modern English literary text through the use of adjectives. The object of the study are adjectives, which are presented as a means of depicting an exaggerated and understated time continuum. The author examines in detail the semantics of such lexemes as brief, quick, fleeting, ancient and slow. Particular attention is paid to their changes within the framework of combinations with other lexical units, during which time periods are stretched or narrowed. In this work, the author implemented the following methods: the method of component analysis, the method of contextual analysis, the method of linguostylistic analysis. The main conclusion of the study is the identification of the lexemes brief, quick, fleeting, ancient and slow as indicators of exaggeration and understatement of time within the English literary text of the fantastic genre. The use of the analyzed lexemes in different forms of degree of comparison of adjectives, as well as as part of comparative phrases, is noted. The above lexemes can express the speed of actions performed, and the time spent by the heroes is either deliberately drawn out or passes instantly. Also, hyperbolic time can be a way of reflecting the authenticity of the existence of peoples and the world as a whole. It is worth noting that some author's neologisms were identified.