Perfectly matched layers (PMLs) are often used in an exterior acoustic finite element model to simulate the Sommerfeld radiation condition. However, the time-domain model is often too large to efficiently handle the transient simulation due to the frequency-dependent stretching function and the number of elements needed per wavelength. Krylov subspace-based model order reduction can alleviate this problem by only matching the important moments of the original model. However, stability-preservation is not guaranteed, which is the key to perform time-domain simulation. This work proposes a stability-preserving model order reduction scheme for the time-domain PMLs. By assessing the stability conditions of time-domain PMLs, a two-step strategy is applied. Firstly, a one-sided split basis is used to preserve the form of Lyapunov function of the original model such that a stable intermediate reduced order model (ROM) results. Secondly, an unsplit basis is applied on the modal transformation of this intermediate ROM to reduce the size further. The proposed method is verified by numerical simulations.