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With the acceleration of the pace of society, the problem of scarcity of time resources is becoming more prominent, which may lead to short‐sighted behavior. This study aimed to examine the impact of time scarcity on intertemporal choice and its underlying mechanisms through three experiments. Study 1 aimed to investigate the causal relationship between time scarcity and intertemporal choice and the mediating role of anxiety between time scarcity and intertemporal choice. The results showed that participants with a stronger perception of time scarcity were more likely to choose smaller and sooner gains, and that the mediating role of anxiety was significant. In Study 2, the control of time was introduced to explore whether the sense of control could alleviate the negative emotion caused by time scarcity. The results showed that individuals with high levels of control had significantly less anxiety under higher time‐scarcity conditions than those with low levels of control. In Study 3, we manipulated time scarcity and found that the sense of control moderated the mediating effect of anxiety in time scarcity and intertemporal choice. Overall, these findings suggest that the sense of control over time is associated with less anxiety from time scarcity, which in turn fosters preferences for delayed gains. [ABSTRACT FROM AUTHOR]