Source : Webster's Revised Unabridged Dictionary (1913)

Time-honored \Time"-hon`ored\, a.
   Honored for a long time; venerable, and worthy of honor, by
   reason of antiquity, or long continuance.

Source : WordNet®

time-honored
     adj 1: honored because of age or long usage; "time-honored
            institutions" [syn: {time-honoured}]
     2: of long standing and acceptance; "time-honored customs"
        [syn: {time-honoured}]