This technique is used by the Anbu to pull out forgotten memories. After forming the appropriate hand seals, the Anbu will put the target into a state of reverse hypnosis, allowing them to remember details that they otherwise would not. The target will comply with interrogation, but seems to retain his or her personality while under hypnosis. For example, when the Anbu used this technique to bring back Naruto's memories about his conversations with Gennō, Naruto was more specific about the ramen he shared with the old man rather than their conversations, which the Anbu were asking about.
The technique was also used, without success, by Mitate to attempt to reverse Menma's amnesia. Menma's memories eventually returned without the aid of the Time Reversal Technique after the Konoha hospital was struck by lightning.