Three students who had been there at the original burial 28 years ago returned to help dig it up, as did parents who helped at the time and former teachers.

The time capsule had been buried at the front of the school to celebrate the school's 35^th anniversary.

Revealed in the time capsule - a piece of PCV pipe painted in the school colours of red and yellow - were a funky-looking '90s-era school jumper, a mix cassette tape of favourite songs selected by the students at the time including Achy Breaky Heart by Billy Ray Cyrus and a copy of The Canberra Times printed on November 7, 1992 featuring advertisments including for a three-bedroom house in Chapman selling for $170,000.

Also in the time capsule were school photographs of the staff and students in 1992, a Commonwealth Bank school-issue money box, a copy of the Canberra White Pages, a letter from the school board and general information about Forrest Primary.

Two current students, Abigail Lui, 10, whose dad Alexander attended Forrest Primary, and Veronica Horswell, eight, who also had antecedents at the school, were the ones who alerted principal Chris Pilgrim to the time capsule.

"Abigail and Veronica kept seeing the time capsule and kept telling me about it and then they wrote me letters," Ms Pilgrim said.

"So from the beginning of the year, I've had continual letters from them and had to respond to it. And what's been lovely is meeting the people involved with it originally."

Abigail said she actually tripped over the time capsule marker one evening last year after a school dance.

She was thrilled to see the very well-preserved items brought out of the time capsule on Thursday.

"Excited and happy that none of it has been devoured by bugs," the year four student said.

Back in 1992, the time capsule was largely organised by parent Jim Laity who returned on Thursday to help dig it up.

Also at the reveal was Jim's son Richard and Richard's best friend Duncan Roseby, who were both in year four at the time, and another former student Griff Ware, who was in year five. Also there was former teacher Michael Rosenberg, who taught at Forrest Primary for 24 years.

Duncan said the year six students in 1992 chose the items to be included in the time capsule. Richard thought "we might have buried a Michael Jackson cassette tape, as we all loved him back then".

But no, on this strange thing called a cassette tape, which few of the current students could identify, were a mixed collection of songs including the 1992 hit Baby Got Back by Sir Mix-a-Lot and tunes from Sesame Street.

Some of the current children thought the time capsule might contain a Game Boy or even a chalkboard, showing 28 years seems a long time ago for a primary school child.

Former teacher Mr Rosenberg was also a student at Forrest Primary in the late 1950s and early 1960s.

"I've been retired for 10 years so it is interesting watching the time capsule come up," he said.

"I like working with kids although I'm happy to let the other teachers take them away. For me, it's been great seeing old students today, and their parents."

Richard Laity and Duncan Roseby believed the time capsule was also about "intergenerational learning and connection", linking the past with the present and the future.

"I do have very fond memories of being here," Duncan said.

Jim Laity, a forester, also encouraged tree planting on the school grounds back in the day, and Forrest Primary had plans to continue this legacy.

Ms Pilgrim said the school was implementing a new strategic plan covering 2021 to 2026 which included planting more trees as a way to ensure student wellbeing.