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it is (high/about) time (that)~　の意味は「もう〜するべき時間だ」。もちろん、It is time for somebody to do somethingとも表現することが出来ます。また、”time”の後は仮定法を用いる場合もあります。
例文：
(1)It is about time I went home. そろそろ家に帰る時間です。
(2)It is high time we discussed the problem.　 この問題について議論する時が来たのでは無いでしょうか。
(3) It is high time to build a new house. そろそろ新しい家を建てる時期です。
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Notes
telescope 望遠鏡

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You may have heard the word “telework” recently. “Tele” comes from Greek and means “far.” These days more and more people are working at home, far from their office, so they are doing telework. You probably know a few other words that begin with “tele.” When “tele” is put together with “phone”, the Greek word for “sound,” it means a device that lets you send and hear sound far away. When “tele” is put together with “vision”, the Latin word for “see”, it means a device that shows you images far away. A telescope is a device that lets you watch things far away such as the Moon. (by Prof. Douglas Jarrell)
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