It was originally released in 1982 on cassette only, almost four years after the break-up of Van der Graaf Generator in 1978.

[2] It contains previously unreleased songs taken from rehearsals by the reformed band in 1975, plus a few live numbers from mid-1972, originally intended for a projected album in late 1972.

"Coil Night" features Peter Hammill on bass guitar and David Jackson on piano.

The title track "Time Vaults" is a collage consisting of several unreleased pieces mixed with studio chatter.

A different version of "Black Room" appeared on Peter Hammill's solo album Chameleon in the Shadow of the Night.