1928, from the noun phrase, from good (adj.) + time (n.). Expression to have a good time "enjoy oneself" attested from 1822; earlier have a good time of it (1771). To make good time "go fast" is from 1838. In Middle English, good time was "prosperous time," also "high time" (that something be done).
he was a real good-time Charlie
good-natured
good-neighbor
goodness
good-night
goods
good-time
goodwife
goody
gooey
goof
goofball