A time constant is a way to measure how long it takes for something to happen. It's like a timer that counts down, but it usually takes a lot longer than the kind of timer you'd use for cooking food.
Think about a balloon filled with air. If you poked a tiny hole in the balloon, it wouldn't come out all at once—it would start out slow and then speed up until it was all gone. The time constant of that balloon is the amount of time it takes for the air to completely escape.
Time constants are important because they help us measure how long it takes for something to happen. For example, if you're cooking a cake, you want to know how long it will take to bake it through. You can use the time constant to help you figure that out.