"Time Bank" is an important innovation of the mutual-support model of elderly care in China. It is in the regional pilot stage now and mainly operates in communities and subdistrict communities. All pilot areas actively explore the realization mechanism and characteristic projects of "Time Bank" in accordance with their actual needs of elderly care and the regional aging development planning. Meanwhile, they also try to solve the key problems restricting the development of "Time Bank" in the practice of community governance actions. "Linkage of five elements in the community" is an innovative governance model for grass-roots communities in the process of modernization of the national governance system, emphasizing the participation of multiple subjects and collaborative governance of multiple parties. Based on the linkage, this paper tries to investigate the effective mode and realization path of the development of "Time Bank" mutual-support model of elderly care with the participation of multiple subjects of the linkage, and clarifies the development orientation, promotion strategy, credit guarantee and incentive mechanism of "Time Bank" in China.