Here’s how Wikipedia defines “time-lapse photography”
It is a cinematography technique whereby each film frame is captured at a rate much slower than it will be played back. When replayed at normal speed, time appears to be moving faster and thus lapsing. Time-lapse photography can be considered to be the opposite of high speed photography.
Processes that would normally appear subtle to the human eye, such as the motion of the sun and stars in the sky, become very pronounced. Time-lapse is the extreme version of the cinematography technique of undercranking, and can be confused with stop motion animation.