Thyme is a term used to indicate any herb that is part of the Thymus genus of the mint family. Historically, thyme has had a number of different uses including embalming for the Egyptians, incense for the Ancient Greeks and as an aroma for liqueurs and cheese for the Romans.
Today, thyme, and specifically the species, Thymus vulgaris, is used mostly for the purpose of cooking and to make herbal tea. Thyme also has medical uses, as it is an antiseptic.
The origin of the word thyme is from the Ancient Greek thúmon, which means "smoke" or "burn", in reference to its use as an incense. However, this etymology is uncertain and may ultimately be of pre-Greek origins.
The correct pronunciation of thyme is exactly like the word "time". The "h" in thyme is silent and "i" is pronounced with a long "i", which means like the word "eye". The end result is that thyme is pronounced exactly how you would say the word "time".