...or alternatively if you only want to show a portion of the time value use "Custom":
timePicker = new DateTimePicker();
timePicker.Format = DateTimePickerFormat.Custom;
timePicker.CustomFormat = "HH:mm"; // Only use hours and minutes
timePicker.ShowUpDown = true;
If you want to do it from properties, you can do this by setting the Format property of DateTimePicker to DateTimePickerFormat.Time and ShowUpDown property to true. Also, customFormat can be set in properties.