Time based query filters are used to filter the value of specific objects between certain periods of time. When you add a date dimension to query filter, you can use between operators from drop down list to specifically mention to and from date.
You can click on calendar option to select dates in 'to' and 'from' fields. You can also use Date dimension with the list of values (LOVs) or Constant value option. LOVs allow you to select to and from date from the list of values available for Date dimension in the Universe.
This is known as applying Time based filters in the report.