The Compact Muon Solenoid (CMS) detector at the CERN Large Hadron Collider (LHC) is undergoing an extensive
Phase II upgrade program to prepare for the challenging conditions of the High-Luminosity LHC (HL-LHC). In particular,
a new timing layer will measure minimum ionizing particles (MIPs) with a time resolution of $\sim30\,\textrm{ps}$ and hermetic
coverage up to a pseudo-rapidity of $|\eta|=3$. This MIP Timing Detector (MTD) will consist of a central barrel region
based on LYSO:Ce crystals read out with silicon photomultipliers and two endcaps instrumented with radiation-tolerant
low-gain avalanche diodes. The precision time information from the MTD will reduce the effects of the high levels of
pileup expected at the HL-LHC and will bring new and unique capabilities to the CMS detector. The time information
assigned to each track will enable the use of 4D reconstruction algorithms and will further discriminate interaction
vertices within the same bunch crossing to recover the track purity of vertices in current LHC conditions. For
instance, in the analysis of di-Higgs boson production decaying to heavy flavor and two photons, $30\,\textrm{ps}$ timing
resolution is expected to improve the effective luminosity by 22% through gains in b-tagging and photon isolation
efficiency. We present motivations for precision timing at the HL-LHC and the ongoing MTD R&D targeting enhanced
timing performance and radiation tolerance, including test beam results.