Legacy Documentation: Version 2017.1 (Go to current version)
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Time Manager

The Time Manager (menu: Edit > Project Settings > Time) lets you set a number of properties that control timing within your game.

Properties

Property: Function:
Fixed Timestep A framerate-independent interval that dictates when physics calculations and FixedUpdate() events are performed.
Maximum Allowed Timestep A framerate-independent interval that caps the worst case scenario when frame-rate is low. Physics calculations and FixedUpdate() events will not be performed for longer time than specified.
Time Scale The speed at which time progresses. Change this value to simulate bullet-time effects. A value of 1 means real-time. A value of .5 means half speed; a value of 2 is double speed.

Details

The Time Manager lets you set properties globally but it is often useful to set them from a script during gameplay (for example, setting Time Scale to zero is a useful way to pause the game). See the page on Time and Framerate Management for full details of how time can be managed in Unity.

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Network Emulation