It is unclear how different types of cortical projection neurons work together to support diverse cortical functions. We examined the discharge characteristics and inactivation effects of intratelencephalic (IT) and pyramidal tract (PT) neurons-two major types of cortical excitatory neurons that project to cortical and subcortical structures, respectively-in the deep layer of the medial prefrontal cortex in mice performing a delayed response task. We found stronger target-dependent firing of IT than PT neurons during the delay period. We also found the inactivation of IT neurons, but not PT neurons, impairs behavioral performance. In contrast, PT neurons carry more temporal information than IT neurons during the delay period. Our results indicate a division of labor between IT and PT projection neurons in the prefrontal cortex for the maintenance of working memory and for tracking the passage of time, respectively. Intratelencephalic and pyramidal tract neurons are two major types of cortical excitatory neurons that project to cortical and subcortical structures. The authors show that in the prefrontal cortex the two populations have different roles for the maintenance of working memory and for tracking the passage of time.