Are both the same?
The time of empty talk is over. and The time for empty talk is over.

Question

Are both the same?
The time of empty talk is over.    and    The time for empty talk is over.

Answer

In this case only 'the time for' is correct.

Answer

"The time for" is correct.
"The time for thinking is over"
"The time for planning is now" - We can use phrases like this

Answer

This really isn't a phrase we use in English. Usually we would say, "The time for talking is over" but even that is rarely used. In fact the only time I've ever heard it used is in movies.