A system and method are provided for enhanced multi-way time transfer for time synchronization between at least one slave node and one master node. A slave node sends a first message to the master node to launch a time synchronization between the slave node and the master node. Upon receiving the first message, the master node adds a receiving time on a master clock to the first message to form a second message. The master node sends the second message back to the slave node and the slave node adds a receiving time on the slave clock to the second message to form an updated message. The slave node performs a time adjustment to the slave clock based on the updated message, thereby synchronizing time between the slave node and the master node.