A Time Vector Generator was a component of a TARDIS that made it dimensionally transcendental. Removal of the Time Vector Generator would collapse its interior into an alternate dimension, leaving only the exo-shell and making it the same size on the inside as the outside. As the Second Doctor succinctly put it, removal of the TVG turned the TARDIS interior "into an ordinary telephone box again". (TV: The Wheel in Space)
It resembled a long ebony wand and was a powerful energy source.
The Doctor removed the TVG when the fluid links exploded, filling the TARDIS with mercury fumes. The TVG was later used to boost Space Station W3's x-ray laser to defeat the Cybermen. (TV: The Wheel in Space)
Also, the Third Doctor stated that TVG could send someone to the future. The Third Doctor activated the TVG while the console was disconnected due to repairs in the TARDIS and accidentally sent himself and Liz Shaw to the future only for 15 seconds. (TV: The Ambassadors of Death)