Proceed rapidly, as in We have to make time if we don't want to miss the first part of the movie. This usage alludes to compensating for lost time. [First half of 1800s] Also see make good time.
make time for. Arrange one's schedule for doing something or seeing someone, as in Harold always manages to make time for tennis, or I'm pretty busy, but I can make time for you tomorrow morning.
make time with. Court or flirt with someone, as in Jerry is trying to make time with Beth. [Slang; first half of 1900s]