Time lapse is created by using a series of images (preferably the same thing) taken at either 1 a minute or more or less varying from 1 a day to 1 a week to 1 a month to 1 a year.
Time lapse usually contains the use of a camera on a tripod to keep the image still and make it look better without the camera moving.
Here are a few examples of Time Lapse
These time lapse examples show just what you can create by using time lapse and the outcome can result in being excellent.