Imaginary time is a mathematical representation of time which appears in some approaches to special relativity and quantum mechanics. It finds uses in connecting quantum mechanics with statistical mechanics and in certain cosmological theories.
Mathematically, imaginary time is real time which has undergone a Wick rotation so that its coordinates are multiplied by the Imaginary unit i. Imaginary time is not imaginary in the sense that it is unreal or made-up (any more than, say, irrational numbers defy logic), it is simply expressed in terms of what mathematicians call imaginary numbers.