diff --git a/src/icalendar/prop/dt/time.py b/src/icalendar/prop/dt/time.py
index a592bf00d..aebb90120 100644
--- a/src/icalendar/prop/dt/time.py
+++ b/src/icalendar/prop/dt/time.py
@@ -152,6 +152,26 @@ def is_utc(self) -> bool:
         """Whether this time is UTC."""
         return self.params.is_utc() or is_utc(self.dt)
 
+    @property
+    def ical_value(self) -> time:
+        """Return the Python time value.
+
+        This property provides access to the underlying Python :class:`datetime.time`
+        object that this iCalendar TIME value wraps.
+
+        Returns:
+            time: The Python time object, potentially with timezone information.
+
+        Example:
+            >>> from datetime import time
+            >>> vTime(time(12, 30, 0)).ical_value
+            datetime.time(12, 30, 0)
+
+        See Also:
+            :rfc:`5545#section-3.3.12` for the TIME value type specification.
+        """
+        return self.dt
+
     @staticmethod
     def from_ical(ical: str, timezone: str | None | tzinfo = None) -> time:
         """Convert an ical string into a time.
diff --git a/src/icalendar/tests/prop/test_vTime.py b/src/icalendar/tests/prop/test_vTime.py
new file mode 100644
index 000000000..7bc40c509
--- /dev/null
+++ b/src/icalendar/tests/prop/test_vTime.py
@@ -0,0 +1,36 @@
+"""Test vTime ical_value property."""
+
+from datetime import time, timezone
+
+from icalendar.prop import vTime
+
+
+def test_ical_value_local_time():
+    """ical_value property returns time object for local time."""
+    t = time(12, 30, 45)
+    vt = vTime(t)
+    assert vt.ical_value == t
+    assert vt.ical_value.hour == 12
+    assert vt.ical_value.minute == 30
+    assert vt.ical_value.second == 45
+    assert vt.ical_value.tzinfo is None
+
+
+def test_ical_value_utc_time():
+    """ical_value property returns time object with UTC timezone."""
+    t = time(14, 0, 0, tzinfo=timezone.utc)
+    vt = vTime(t)
+    assert vt.ical_value == t
+    assert vt.ical_value.tzinfo == timezone.utc
+
+
+def test_ical_value_from_ical():
+    """ical_value property works with time parsed from ical string."""
+    t = vTime.from_ical("123045")
+    vt = vTime(t)
+    assert vt.ical_value == time(12, 30, 45)
+
+    t_utc = vTime.from_ical("140000Z")
+    vt_utc = vTime(t_utc)
+    assert vt_utc.ical_value.hour == 14
+    assert vt_utc.ical_value.tzinfo is not None  # Has timezone info