diff --git a/doc/api/console.markdown b/doc/api/console.markdown
index 4b5ed61b199e09..6e2de6071e64a2 100644
--- a/doc/api/console.markdown
+++ b/doc/api/console.markdown
@@ -72,18 +72,18 @@ object. This is useful for inspecting large complicated objects. Defaults to
 - `colors` - if `true`, then the output will be styled with ANSI color codes.
 Defaults to `false`. Colors are customizable, see below.
 
-### console.time(label)
+### console.time(timerName)
 
-Used to calculate the duration of a specific operation. To start a timer, call
-the `console.time()` method, giving it a name as only parameter. To stop the
-timer, and to get the elapsed time in milliseconds, just call the
-[`console.timeEnd()`](#console_console_timeend_label) method, again passing the
-timer's name as the parameter.
+Starts a timer that can be used to compute the duration of an operation. Timers
+are identified by a unique name. Use the same name when you call
+[`console.timeEnd()`](#console_console_timeend_timername) to stop the timer and
+output the elapsed time in milliseconds. Timer durations are accurate to the
+sub-millisecond.
 
-### console.timeEnd(label)
+### console.timeEnd(timerName)
 
 Stops a timer that was previously started by calling
-[`console.time()`](#console_console_time_label) and print the result to the
+[`console.time()`](#console_console_time_timername) and prints the result to the
 console.
 
 Example:
@@ -93,7 +93,7 @@ Example:
       ;
     }
     console.timeEnd('100-elements');
-    // prints 100-elements: 262ms
+    // prints 100-elements: 225.438ms
 
 ### console.trace(message[, ...])
 
diff --git a/lib/console.js b/lib/console.js
index f9032e24a0fa44..d2b4f3fc5b59be 100644
--- a/lib/console.js
+++ b/lib/console.js
@@ -55,18 +55,19 @@ Console.prototype.dir = function(object, options) {
 };
 
 
-Console.prototype.time = function(label) {
-  this._times.set(label, Date.now());
+Console.prototype.time = function(timerName) {
+  this._times.set(timerName, process.hrtime());
 };
 
 
-Console.prototype.timeEnd = function(label) {
-  var time = this._times.get(label);
+Console.prototype.timeEnd = function(timerName) {
+  var time = this._times.get(timerName);
   if (!time) {
-    throw new Error('No such label: ' + label);
+    throw new Error('No such timer name: ' + timerName);
   }
-  var duration = Date.now() - time;
-  this.log('%s: %dms', label, duration);
+  const duration = process.hrtime(time);
+  const ms = duration[0] * 1000 + duration[1] / 1e6;
+  this.log('%s: %sms', timerName, ms.toFixed(3));
 };
 
 
diff --git a/test/parallel/test-console.js b/test/parallel/test-console.js
index 982c83851f072a..f8a927398034cb 100644
--- a/test/parallel/test-console.js
+++ b/test/parallel/test-console.js
@@ -68,8 +68,8 @@ assert.notEqual(-1, strings.shift().indexOf('foo: [Object]'));
 assert.equal(-1, strings.shift().indexOf('baz'));
 assert.equal('Trace: This is a {"formatted":"trace"} 10 foo',
              strings.shift().split('\n').shift());
-assert.ok(/^label: \d+ms$/.test(strings.shift().trim()));
-assert.ok(/^__proto__: \d+ms$/.test(strings.shift().trim()));
-assert.ok(/^constructor: \d+ms$/.test(strings.shift().trim()));
-assert.ok(/^hasOwnProperty: \d+ms$/.test(strings.shift().trim()));
+assert.ok(/^label: \d+\.\d{3}ms$/.test(strings.shift().trim()));
+assert.ok(/^__proto__: \d+\.\d{3}ms$/.test(strings.shift().trim()));
+assert.ok(/^constructor: \d+\.\d{3}ms$/.test(strings.shift().trim()));
+assert.ok(/^hasOwnProperty: \d+\.\d{3}ms$/.test(strings.shift().trim()));
 assert.equal(strings.length, 0);