My initial approach was:
$current = time(); // save this to column CURRENT_TIME with column type VARCHAR
//retrieve it like this
$retrieved = mysql_query(..
It is recommended to use mysql timestamp (YYYY-MM-DD HH:MM:SS) field type to store time and date variables in mysql.
$sDate = date("Y-m-d H:i:s"); // 2015-04-07 07:12:51
mysql_query("insert into `table_name` set `created_on` = '$sDate'");
It gives you ability to use mysql functions to compare dates, calculate time differences and so, directly in your mysql query.
Also you can always retrieve the timestamp using strtotime() function.
$result = mysql_query("select `created_on` from `table_name`");
$row = mysql_fetch_row($result);
$iTimestamp = strtotime($row[0]); // 1428390771