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.