The Eye was created by Agamotto, using an Infinity Stone with the power of Time as a component. The Eye remained in Kamar-Taj where it is discovered by Doctor Stephen Strange. After reading one of the passages of the Book of Cagliostro about the Eye, he put on the pendant and tested its power on an apple, forwarding and reversing time on the object. He then uses the Eye's power on the book, discovering and reading the stolen passages about the Dark Dimension and Dormammu.
He later uses the Eye to rewind time in Hong Kong, to restore its Sanctum and the surrounding area until he is stopped by Kaecilius, causing all of time to stop before the Sanctum could be fully restored, thus allowing the Dark Dimension through. Doctor Strange flies into the Dark Dimension and activates another power of the Eye. When he confronts Dormammu to parley, Dormammu kills him, but the Eye's power reverses the moment back to its start every time he is killed, trapping them both in an endless time loop. Dormammu finally relents and accepts Doctor Strange's terms in return for breaking the loop, withdrawing his attack on Earth and taking his Zealots. Doctor Strange returns the Eye to its place in Kamar-Taj until he is ready to wield it.
During Thanos' quest to retrieve all six Infinity Stones, Ebony Maw and Cull Obsidian were sent to bring the Time Stone in the Eye to Thanos. Doctor Strange refused to surrender it as it was his oath to protect the stone with his life. After being captured by Ebony Maw, Iron Man and Spider-Man snuck on board Maw's ship and killed him and saved Strange in the process. Strange still refused to surrender the stone fearing Thanos would end up using it, but because the ship was on its coarse to Titan, the planet of Thanos' origins, Iron Man convinced Strange to take the fight to Thanos. After meeting the Guardians of the Galaxy on Titan, Doctor Strange used the Eye to look forward in time to see all the possible outcome fight against Thanos, and saw only one out of fourteen million where it ends with the Avengers' victory. Thanos fought Strange and managed to overpower him, taking the Eye from Strange and crushed it, only to find out the Time Stone wasn't in it. Iron Man fought Thanos and was stabbed by him, but Strange gave up the Time Stone to Thanos on the promise to spare Iron Man's life. Upon retrieving the Time Stone, Thanos traveled to Wakanda on Earth and used it to reverse Vision's destruction caused by Scarlet Witch in order to retrieve the Mind Stone from him.