This paper introduces time-resolved inverse radiosity, what we believe to be a novel approach for simultaneously estimating shape and reflectance in the presence of inter-reflections. Our method extends conventional inverse radiosity by incorporating transient light propagation, enabling more robust photometric analysis. Utilizing a single-photon avalanche diode (SPAD) within a time-resolved imaging framework, we capture transient light propagation and leverage this information to optimize both shape and reflectance estimation. By introducing a consistency measure based on temporal constraints, our method achieves joint estimation without requiring prior knowledge of the shape. Experimental validation on real-world scenes demonstrates that our approach effectively mitigates inter-reflection artifacts, enabling simultaneous shape and reflectance reconstruction in challenging scenarios. The proposed technique opens new possibilities for high-fidelity inverse rendering in complex lighting environments.