THESEUS is a medium size space mission of the European Space Agency, currently under evaluation for a possible launch in 2032. Its main objectives are to investigate the early Universe through the observation of gamma-ray bursts and to study the gravitational waves electromagnetic counterparts and neutrino events. On the other hand, its instruments, which include a wide field of view X-ray (0.3-5 keV) telescope based on lobster-eye focusing optics and a gamma-ray spectrometer with imaging capabilities in the 2-150 keV range, are also ideal for carrying out unprecedented studies in time domain astrophysics. In addition, the presence onboard of a 70 cm near infrared telescope will allow simultaneous multi-wavelegth studies. Here we present the THESEUS capabilities for studying the time variability of different classes of sources in parallel to, and without affecting, the gamma-ray bursts hunt.
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