We study the association between giant molecular clouds (GMCs) and young stellar cluster candidates (YSCCs) to shed light on the time evolution of local star formation episodes in the nearby galaxy M33. The CO (J=2-1) IRAM all-disk survey was used to identify and classify 566 GMCs with masses between 2x10^4^ and 2x10^6^M_{sun}_ across the whole star-forming disk of M33. In the same area, there are 630 YSCCs that we identified using Spitzer-24um data. Some YSCCs are embedded star-forming sites, while the majority have GALEX-UV and H{alpha} counterparts with estimated cluster masses and ages. The GMC classes correspond to different cloud evolutionary stages: inactive clouds are 32% of the total and classified clouds with embedded and exposed star formation are 16% and 52% of the total, respectively. Across the regular southern spiral arm, inactive clouds are preferentially located in the inner part of the arm, possibly suggesting a triggering of star formation as the cloud crosses the arm. The spatial correlation between YSCCs and GMCs is extremely strong, with a typical separation of 17pc. This is less than half the CO (2-1) beam size and illustrates the remarkable physical link between the two populations. GMCs and YSCCs follow the HI filaments, except in the outermost regions, where the survey finds fewer GMCs than YSCCs, which is most likely due to undetected clouds with low CO luminosity. The distribution of the non-embedded YSCC ages peaks around 5Myr, with only a few being as old as 8-10Myr. These age estimates together with the number of GMCs in the various evolutionary stages lead us to conclude that 14Myr is the typical lifetime of a GMC in M33 prior to cloud dispersal. The inactive and embedded phases are short, lasting about 4 and 2Myr, respectively. This underlines that embedded YSCCs rapidly break out from the clouds and become partially visible in H{alpha} or UV long before cloud dispersal.