A time constant graph represents the behavior of RC circuits during the charging and discharging processes, highlighting how voltage or current changes over time. This graph is crucial in understanding the exponential nature of these processes, as it illustrates how quickly a capacitor charges to approximately 63.2% of its maximum voltage or discharges to about 36.8% of its initial voltage. The time constant, denoted by the symbol $$\tau$$, is a key parameter that determines the rate at which these changes occur.