How long the reset password token is valid and how can we set its expiry

By default, password reset tokens expire after one hour. You may change this via the password reset expire option in your config/auth.php file.

 /*
    |--------------------------------------------------------------------------
    | Resetting Passwords
    |--------------------------------------------------------------------------
    |
    | You may specify multiple password reset configurations if you have more
    | than one user table or model in the application and you want to have
    | separate password reset settings based on the specific user types.
    |
    | The expire time is the number of minutes that the reset token should be
    | considered valid. This security feature keeps tokens short-lived so
    | they have less time to be guessed. You may change this as needed.
    |
    */

    'passwords' => [
        'users' => [
            'provider' => 'users',
            'table' => 'password_resets',
            'expire' => 60,
            'throttle' => 0,
        ],
    ],