Final Fantasy XIII-2's time travel/plot device the "Historia Crux," you can turn back time, and maybe even find a way, provided you find the right stuff. By locating hidden "Artefacts," Cher can unlock new locations and times for Noel and Serah to visit via the Historia Crux, which serves as the sequel's main vehicle for story progression and world navigation.
As any seasoned time traveller will tell you, changing stuff in the past changes stuff in the future, and because of that XIII-2's overall experience is said to be much less linear and direct than its predecessor. According to director Motomu Toriyama, Square Enix is aiming for a "much more player driven concept," with the "gameplay and story itself" changing around the player's actions. You can also expect to encounter younger (and potentially older) versions of characters from Final Fantasy XIII proper along the way.
This may be Final Fantasy's first and last hoorah in the realm of time travel, however. Toriyama says that each entry in the series receives its own unique gameplay system, and that have no intentions of making time travel key in future installments. Additionally, player-testing has already revealed strong comparisons to Chrono Trigger, and while Toriyama doesn't categorize that information as being especially negative, we doubt Square Enix wants to seem iterative or uninspired.