diff --git a/Doc/library/time.rst b/Doc/library/time.rst
--- a/Doc/library/time.rst
+++ b/Doc/library/time.rst
@@ -183,6 +183,18 @@ The module defines the following functio
 
    .. versionadded:: 3.3
 
+.. function:: wallclock()
+
+   .. index::
+      single: Wallclock
+      single: benchmarking
+
+   Return the current time in fractions of a second to the system's best ability.
+   Use this when the most accurate representation of wall-clock is required, i.e.
+   when "processor time" is inappropriate.  The reference point of the returned
+   value is undefined so only the difference of consecutive calls is valid.
+
+   .. versionadded: 3.3
 
 .. function:: ctime([secs])
 
diff --git a/Lib/test/test_time.py b/Lib/test/test_time.py
--- a/Lib/test/test_time.py
+++ b/Lib/test/test_time.py
@@ -325,6 +325,13 @@ class TimeTestCase(unittest.TestCase):
         self.assertEqual(time.strftime('%Z', tt), tzname)
 
 
+    def test_wallclock(self):
+        t0 = time.wallclock()
+        time.sleep(0.1)
+        t1 = time.wallclock()
+        t = t1 - t0
+        self.assertAlmostEqual(t, 0.1, places=2)
+
 class TestLocale(unittest.TestCase):
     def setUp(self):
         self.oldloc = locale.setlocale(locale.LC_ALL)
diff --git a/Modules/timemodule.c b/Modules/timemodule.c
--- a/Modules/timemodule.c
+++ b/Modules/timemodule.c
@@ -733,6 +733,44 @@ the local timezone used by methods such 
 should not be relied on.");
 #endif /* HAVE_WORKING_TZSET */
 
+static PyObject *
+time_wallclock(PyObject *self, PyObject *unused)
+{
+#if defined(MS_WINDOWS) && !defined(__BORLANDC__)
+    return time_clock(self, NULL);
+#elif defined(HAVE_CLOCK_GETTIME) && defined(CLOCK_MONOTONIC)
+    static int clk_index = 0;
+    clockid_t clk_ids[] = {
+#ifdef CLOCK_MONOTONIC_RAW
+        CLOCK_MONOTONIC_RAW,
+#endif
+        CLOCK_MONOTONIC};
+    int ret;
+    struct timespec tp;
+
+    while (0 <= clk_index) {
+        clockid_t clk_id = clk_ids[clk_index];
+        ret = clock_gettime(clk_id, &tp);
+        if (ret == 0)
+            return PyFloat_FromDouble(tp.tv_sec + tp.tv_nsec * 1e-9);
+
+        clk_index++;
+        if (Py_ARRAY_LENGTH(clk_ids) <= clk_index)
+            clk_index = -1;
+    }
+    return time_time(self, NULL);
+#else
+    return time_time(self, NULL);
+#endif
+}
+
+PyDoc_STRVAR(wallclock_doc,
+"wallclock() -> floating point number\n\
+\n\
+Return the real time to the best of the system's ability.  The absolute\n\
+value is not specified and only relative values between subsequent calls\n\
+are defined to have meaning.");
+
 static void
 PyInit_timezone(PyObject *m) {
     /* This code moved from PyInit_time wholesale to allow calling it from
@@ -868,6 +906,7 @@ static PyMethodDef time_methods[] = {
 #ifdef HAVE_WORKING_TZSET
     {"tzset",           time_tzset, METH_NOARGS, tzset_doc},
 #endif
+    {"wallclock",       time_wallclock, METH_NOARGS, wallclock_doc},
     {NULL,              NULL}           /* sentinel */
 };