The current article focuses on the role of anticipatory time perception in temporal discounting. We propose a perceived-time-based model and demonstrate that 2 aspects of time perception are relevant to hyperbolic discounting. Specifically, our model states that diminishing sensitivity to longer time horizons (i.e., how long individuals perceive short time horizons to be relative to long time horizons) and the level of time contraction overall (i.e., how long or short individuals perceive time horizons to be overall) contribute to the degree of hyperbolic discounting. We estimate individual differences in the degree of diminishing sensitivity to time and the degree of time contraction, and demonstrate that each significantly predicts the degree of hyperbolic discounting. These results empirically confirm two unique aspects of anticipatory time perception in determining individuals' temporal discounting.