diff --git a/doc/source/whatsnew/v1.5.0.rst b/doc/source/whatsnew/v1.5.0.rst
index 9f1c4755bc54f..0f1b71c690ce0 100644
--- a/doc/source/whatsnew/v1.5.0.rst
+++ b/doc/source/whatsnew/v1.5.0.rst
@@ -150,6 +150,7 @@ Other enhancements
 - Added ``validate`` argument to :meth:`DataFrame.join` (:issue:`46622`)
 - A :class:`errors.PerformanceWarning` is now thrown when using ``string[pyarrow]`` dtype with methods that don't dispatch to ``pyarrow.compute`` methods (:issue:`42613`)
 - Added ``numeric_only`` argument to :meth:`Resampler.sum`, :meth:`Resampler.prod`, :meth:`Resampler.min`, :meth:`Resampler.max`, :meth:`Resampler.first`, and :meth:`Resampler.last` (:issue:`46442`)
+- ``times`` argument in :class:`.ExponentialMovingWindow` now accepts ``np.timedelta64`` (:issue:`47003`)
 
 .. ---------------------------------------------------------------------------
 .. _whatsnew_150.notable_bug_fixes:
@@ -736,6 +737,7 @@ Groupby/resample/rolling
 - Bug in :meth:`.Rolling.var` would segfault calculating weighted variance when window size was larger than data size (:issue:`46760`)
 - Bug in :meth:`Grouper.__repr__` where ``dropna`` was not included. Now it is (:issue:`46754`)
 - Bug in :meth:`DataFrame.rolling` gives ValueError when center=True, axis=1 and win_type is specified (:issue:`46135`)
+- Bug in :class:`.ExponentialMovingWindow` where ``alpha``, ``com``, or ``span`` were incorrectly allowed when ``times`` and ``halflife`` were passed (:issue:`47003`)
 
 Reshaping
 ^^^^^^^^^
diff --git a/pandas/core/window/ewm.py b/pandas/core/window/ewm.py
index 32cb4938344c4..8a6f7b4b798ee 100644
--- a/pandas/core/window/ewm.py
+++ b/pandas/core/window/ewm.py
@@ -389,22 +389,20 @@ def __init__(
                 raise ValueError("times must be datetime64[ns] dtype.")
             if len(self.times) != len(obj):
                 raise ValueError("times must be the same length as the object.")
-            if not isinstance(self.halflife, (str, datetime.timedelta)):
+            if not isinstance(self.halflife, (str, datetime.timedelta, np.timedelta64)):
                 raise ValueError(
                     "halflife must be a string or datetime.timedelta object"
                 )
             if isna(self.times).any():
                 raise ValueError("Cannot convert NaT values to integer")
             self._deltas = _calculate_deltas(self.times, self.halflife)
-            # Halflife is no longer applicable when calculating COM
-            # But allow COM to still be calculated if the user passes other decay args
-            if common.count_not_none(self.com, self.span, self.alpha) > 0:
-                self._com = get_center_of_mass(self.com, self.span, None, self.alpha)
-            else:
-                self._com = 1.0
+            # GH 47003
+            # get_center_of_mass will validate and raise if the user has also
+            # passed in com, span or alpha (1.0 is a placeholder value)
+            self._com = get_center_of_mass(self.com, self.span, 1.0, self.alpha)
         else:
             if self.halflife is not None and isinstance(
-                self.halflife, (str, datetime.timedelta)
+                self.halflife, (str, datetime.timedelta, np.timedelta64)
             ):
                 raise ValueError(
                     "halflife can only be a timedelta convertible argument if "
diff --git a/pandas/tests/window/conftest.py b/pandas/tests/window/conftest.py
index f42a1a5449c5c..8977d1a0d9d1b 100644
--- a/pandas/tests/window/conftest.py
+++ b/pandas/tests/window/conftest.py
@@ -102,7 +102,7 @@ def engine_and_raw(request):
     return request.param
 
 
-@pytest.fixture(params=["1 day", timedelta(days=1)])
+@pytest.fixture(params=["1 day", timedelta(days=1), np.timedelta64(1, "D")])
 def halflife_with_times(request):
     """Halflife argument for EWM when times is specified."""
     return request.param
diff --git a/pandas/tests/window/test_ewm.py b/pandas/tests/window/test_ewm.py
index b1e8b43258750..9acc34c67243a 100644
--- a/pandas/tests/window/test_ewm.py
+++ b/pandas/tests/window/test_ewm.py
@@ -666,3 +666,11 @@ def test_ewm_pairwise_cov_corr(func, frame):
     result.index = result.index.droplevel(1)
     expected = getattr(frame[1].ewm(span=10, min_periods=5), func)(frame[5])
     tm.assert_series_equal(result, expected, check_names=False)
+
+
+@pytest.mark.parametrize("decay", ["alpha", "com", "span"])
+def test_validate_times_halflife_with_other_decay(decay):
+    ser = Series([1, 2])
+    msg = "comass, span, halflife, and alpha are mutually exclusive"
+    with pytest.raises(ValueError, match=msg):
+        ser.ewm(**{decay: 1}, halflife="1 Day", times=DatetimeIndex(["2021", "2022"]))