I knew nothing about the doctor who planet Gallifrey so I looked it up on Wikipedia and am posted parts I found interesting after skimming the page.
Time Lords are simply that subset of Gallifreyans who have achieved the status of Time Lord via achievement in the Gallifreyan collegiate system
Its capital city is referred to as the Citadel, and contains the Capitol, the seat of Time Lord government. At the centre of the Capitol is the Panopticon, beneath which is the Eye of Harmony. Outside the Capitol lie wastelands where the “Outsiders”, Time Lords who have dropped out of Time Lord society, live in less technologically advanced communities, shunning life in the cities.
The Doctor has also characterised the Time Lords as a stagnant and corrupt society, a state caused by ten million years of absolute power
While interference is apparently against Time Lord policy, there are occasions when they do intervene, albeit indirectly through their CIA or Celestial Intervention Agency.
Children of Gallifrey are taken from their families at the age of 8 and admitted into the Academy. Novices are then taken to an initiation ceremony before the Untempered Schism, a gap in the fabric of reality that looks into the time vortex. Of those that stare into it, some are inspired, some run away and others go mad. The Doctor suggests that the Master went mad, while admitting that he ran away.
The Dark Tower in the Death Zone on Gallifrey
The Citadel of the Time Lords on Gallifrey (from “The Sound of Drums”)
Time lord alien
Ship approaching Gallifrey
