Minecraft wiki entry for Daylight_cycle, associated text: The sun and moon rotate around the player, not the center of the map. They always remain in the same position relative to the stars, and to each other.
Due to this fact, solar eclipses in Minecraft are currently impossible.
Also due to this fact, technically lunar eclipses (also known as blood moons) would happen every night.
In Java Edition, day and night do not proceed when a singleplayer game is paused. This does not apply when a GUI window (such as the inventory) is opened. In multiplayer, this is not the case; time proceeds normally as long as the server is on.
The sun and moon are both visible when standing or flying at a height above the terrain at approximately 1.4× the set render distance.
The daylight cycle continues while the player is in the Nether or The End, although the world itself does not change until the Overworld is loaded again. This can be observed if the player creates a village in another dimension and observes the schedule progressing as normal.
Background game music is triggered at specific times of the daylight cycle.‌[Java Edition only][check the code]
The highest value of time that can be set with the /time set command is 2,147,483,647 (231−1; the 32-bit integer limit).
This is equivalent to 89478 days and 11647 ticks. Real-time equivalent (counting from January 1, 1 CE, year 0 did not exist): December 25, 1581 CE at 11:28:58.8. Without leap years it would be January 1, 1582 CE at 17:28:58.8. Elapsed real-life time: approximately 1242 days (3 years and 147 days, ignoring leap years) and 18 hours.
Using NBT editors, the largest time value that can be set is 9,223,372,036,854,775,807 (263−1; the 64-bit integer limit). After this point, the value overflows to be −263, and as it adds up, the daylight cycle progresses "backwards". At this time, 384,307,168,202,282 days, 7 hours, 48 minutes and 25.2 real-life seconds would have elapsed, or approximately 1,052,197,288,656.939773689169981 years.