The paper analyzes one of the most universal, and at the same time one of the most controversial concepts remaining in the focus of attention of philosophers, scientists, artists, and linguists for many centuries – the concept of time. Modelling and mapping of the concept of time is a challenging process, largely influenced by culture-specific, poetic and individual perception based on background knowledge. Analysis of the mechanisms of conceptual mapping may contribute to the understanding of the patterns of metaphorical meaning shift, both conventional and creative. The concept of TIME is studied as a cognitive model considering the linguistic manifestations of this model with a special attention to the cognitive metaphor TIME IS ELEMENT. The authors investigate metaphors, metaphoric expressions and idioms based on the concept of time (present, past and future) in the English language considering how these expressions verbalize metaphorical interpretation of life experience.