Planning for the future and developing a personalized identity are conceived of as important developmental tasks that adolescents and emerging adults are confronted with on the pathway to adulthood. The present study set out to examine whether both tasks develop in tandem by using a short-term longitudinal dataset consisting of 371 college students assessed at two time-points, four months apart. Identity formation was assessed using identity commitment and three identity processing styles; time perspective was assessed using the present-hedonistic, present-fatalistic, and future-oriented perspectives. Using cross-lagged structural equation modeling, three competing models were tested: a time perspective main-effects model; an identity main-effects model; and a reciprocal model. In accordance with expectations, evidence was found for the reciprocal model with identity formation and time perspective mutually reinforcing one another across time. Implications and suggestions for future research are discussed. (Contains 3 tables and 1 figure.)