In this paper, we propose an alternating optimization method to address a time-optimal trajectory generation problem. Different from the existing solutions, our approach introduces a new formulation that minimizes the overall trajectory running time while maintaining the polynomial smoothness constraints and incorporating hard limits on motion derivatives to ensure feasibility. To address this problem, an alternating peak-optimization method is developed, which splits the optimization process into two sub-optimizations: the first sub-optimization optimizes polynomial coefficients for smoothness, and the second sub-optimization adjusts the time allocated to each trajectory segment. These are alternated until a feasible minimum-time solution is found. We offer a comprehensive set of simulations and experiments to showcase the superior performance of our approach in comparison to existing methods. A collection of demonstration videos with real drone flying experiments can be accessed at https://www.youtube.com/playlist?list=PLQGtPFK17zUYkwFT-fr0a8E49R8Uq712l .

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