Deviation from the balanced time perspective (DBTP) refers to difficulties in switching between different time frames in a flexible way by considering the situational demands. DBTP is associated with higher levels of depression and anxiety. Mindfulness acts as a protective mechanism against depression and anxiety. The current study examined the moderator role of mindfulness in the relationship between DBTP and psychological distress. The participants were 243 university students (53.09% women) between ages 18 and 29 (M = 19.88, SD = 1.42) who answered self-report measures of time perspective, mindfulness, anxiety, and depression at two-time points with a five-week time interval. The results showed that the interaction between DBTP and mindfulness measured at time one could prospectively predict both anxiety and depression measured at time two. Mindfulness plays a significant moderating role in the relationship between DBTP and anxiety and depression. The data indicate that for individuals with low levels of DBTP, those with higher mindfulness experience significantly lower anxiety and depression compared to those with lower mindfulness. However, as DBTP increases, anxiety and depression levels in the high mindfulness group rise significantly, ultimately converging with those observed in the low mindfulness group. This indicates that while high mindfulness offers buffering effects against anxiety and depression, these effects diminish under increased DBTP.