Unsupervised domain adaptation excels in transferring knowledge from a labeled source domain to an unlabeled target domain, playing a critical role in time series applications. Existing time series domain adaptation methods either ignore frequency features or treat temporal and frequency features equally, which makes it challenging to fully exploit the advantages of both types of features. In this paper, we delve into transferability and discriminability, two crucial properties in transferable representation learning. It's insightful to note that frequency features are more discriminative within a specific domain, while temporal features show better transferability across domains. Based on the findings, we propose Adversarial CO-learning Networks (ACON), to enhance transferable representation learning through a collaborative learning manner in three aspects: (1) Considering the multi-periodicity in time series, multi-period frequency feature learning is proposed to enhance the discriminability of frequency features; (2) Temporal-frequency domain mutual learning is proposed to enhance the discriminability of temporal features in the source domain and improve the transferability of frequency features in the target domain; (3) Domain adversarial learning is conducted in the correlation subspaces of temporal-frequency features instead of original feature spaces to further enhance the transferability of both features. Extensive experiments conducted on a wide range of time series datasets and five common applications demonstrate the state-of-the-art performance of ACON. Code is available at https://github.com/mingyangliu1024/ACON.