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Time; duration or the measurement of it
El tiempo vuela cuando te diviertes.
Time flies when you're having fun.
Tenemos poco tiempo para terminar el proyecto.
We have little time to finish the project.
Weather or atmospheric conditions
Hace buen tiempo hoy.
The weather is nice today.
El tiempo está cambiando rápidamente.
The weather is changing rapidly.
Pay attention to the context to determine whether 'tiempo' refers to time or weather.
If 'tiempo' is used with verbs like 'hacer' (to make/do), it refers to weather. Otherwise, it usually means time.
From Latin 'tempus', meaning 'time' or 'season'.
In Spanish, 'tiempo' can refer to both time and weather, depending on context. The context usually clarifies which meaning is intended.