An electronic timepiece having a function for receiving satellite signals transmitted from positioning information satellites, including a satellite signal reception unit that receives the satellite signals, a satellite capturing unit that executes a process of capturing the positioning information satellites within a capture time based on the satellite signals received by the satellite signal reception unit, a time adjustment information generating unit that acquires satellite information from the satellite signal sent from the positioning information satellite captured by the satellite capturing unit, and generates time adjustment information based on the satellite information, a time information adjustment unit that adjusts internal time information based on the time adjustment information, a time information display unit that displays the internal time information, and a time limit setting unit that variably sets a time limit for the time adjustment information generating unit to generate the time adjustment information based on the number of positioning information satellites captured by the satellite capturing unit and a reception level of the satellite signals transmitted from the positioning information satellites.