The complexity of construction in prefabricated buildings makes it vulnerable to uncertainty in project timelines, and traditional project timeline management is insufficient to control project timelines for prefabricated buildings. Therefore, research on project timeline management for prefabricated buildings is needed in order to optimize project timelines and improve project execution rates. This study proposed an improved method of setting prefabricated building buffer zones through the use of improved grey critical chain technology. Five major factors affecting project timelines in actual prefabricated construction projects were selected: personnel experience, degree of prefabrication, technical complexity, reasonableness of construction plans, and degree of construction space availability. The OPA technique was introduced and combined with the entropy weight method to improve the comprehensive weight coefficient of the grey critical chain calculation of the factors affecting the timeline. Other influencing coefficients were determined, and a new calculation method for the size of prefabricated building buffer zones was proposed. Monte Carlo simulations were conducted in Matlab on actual construction projects to ensure the scientific rationality of the improved method. The results showed that compared with the classical buffer calculation methods (cut-and-paste method, C&PM and square root standard deviation method, RSEM), the project timeline was reduced by 14.3% and 11.7%, respectively, using the improved method. The improved method not only reduces project uncertainties, but also achieves the goal of optimizing project timelines, and it is reasonable and effective. The results of the study provide a direction for the project timeline management of prefabricated building critical chains, and this method can be applied to the planning and management of prefabricated building buffer zones.