Community home-based elderly care is the main elderly-care mode in China. Time banking is an new platform advocated by China’s governments in recent years to supplement the deficiency of community home-based elderly-care. Its operational mechanism is still under exploration. Taking Zhangjiagang city as a case study, this paper reveals the development of its community home-based elderly care system and the mechanism of time banking. Additionally, this paper summarizes the path of time banking integration into the existing service system and analyzes the effect of time banking. The research shows that a mature elderly care service system is the foundation for the successful integration. At the same time, the integration of time banking alleviates the problems of insufficient manpower, financial resources and service capacity in community home-based elderly care services, complements the professional care service system, and forms mutual care mechanism, as well as nurturing new social capital. This research provides a reference and experience for actively responding to aging population and innovative elderly care.