From the Super Mario Wiki
A Time Limit (or simply Time) is instituted in almost every platformer game, and its basic purpose is to notify the player of how much time is allotted to complete a level or task. It is a prominent element in the Mario platformer games. When the time limit decreases to below 100 seconds, the "hurry up" jingle traditionally plays to warn that the player is low on time and the level's music plays at a rushed tempo.
While the player is in a level, the time limit decreases at a steady rate until it reaches zero. If the player does not finish the level when time is up, they automatically lose a life and have to start the level over (or receive a Game Over when they have no more to lose). Once the player finishes a level, the remaining time is multiplied by a number and then added to the player's score (or coin total in Super Mario 3D Land). With few exceptions (e.g. in Super Mario World, Super Mario 3D Land, and Super Mario 3D World), it is impossible to increase a level's time limit. In Super Mario 3D Land, New Super Mario Bros. 2, and Super Mario 3D World, the time limit glows red when it is below 100 seconds.
In addition to the platformers, the Time Limit appears in various spin-offs.
Mario Kart series
In the Mario Kart series, the time limit is used for Battle mode games like Balloon Battle and Coin Runners. In addition to Battle mode, the time limit also appears during a race. When Lakitu comes in with the traffic light, the timer will start once the first red light comes on and when it hits zero, the light will turn green and the race begins.
Super Smash Bros. series
In the Super Smash Bros. series, the time limit appears during a standard match. The time limit varies depending on which mode the player uses with five minutes as the default amount for single-player battles and two minutes for versus battles. The timer starts when the announcer signals when to start fighting. When time runs out, the match will end and a winner is announced but if the score is tied when it hits zero, then the match will go to Sudden Death.
Mario Party series
Games in which the time limit appears