With the cyclical development of emerging technologies, in reality, the evolution dynamics of their innovation networks will inevitably show obvious time attributes. Numerous network analyses of real complex systems usually focus on static networks; however, it is difficult to describe that most real networks undergo topological evolutions over time. Temporal networks, which incorporate time attributes into traditional static network models, can more accurately depict the temporal features of network evolution. Here, we introduced the time attribute of the life cycle of emerging technology into the evolution dynamics of its innovation network, constructed an emerging technology temporal innovation network from a temporal network perspective, and established its evolution model in combination with the life cycle and key attributes of emerging technology. Based on this model, we took 5G technology as an example to conduct network evolution simulation, verified the rationality of the above model building, and analyzed the cyclical evolution dynamics of this network in various topological structures. The results show that the life cycle of emerging technology, as well as multiple knowledge attributes based on the key attributes of emerging technology, are important factors that affect network evolution by acting on node behaviors. Within this study, we provide a more realistic framework to describe the internal mechanism of the cyclical evolution of emerging technology innovation network, which can extend the research on innovation network evolution from the single topological dynamics to the topological–temporal dynamics containing time attributes and enrich the research dimensions of innovation network evolution from the perspective of temporal evolution.