Time–temperature indicators (TTIs) can be important tools in product applications to monitor food quality losses, especially for fruits and vegetables. In this context, the effects of silver nanoparticles (AgNPs) and glycerol on the color change of polydiacetylene/AgNPs (PDA/AgNPs) embedded in carboxymethyl cellulose (CMC) film as time–temperature indicators (TTIs) were investigated. A CMC film prepared with 30 mg/L AgNPs and a 1:3 (v/v) PDA:AgNP ratio exhibited a faster color change than under other conditions. At 35 °C, the films with PDA/AgNPs changed color from purplish-blue to purple and purple to reddish-purple over time due to the higher thermal conductivity of AgNPs and larger PDA surface area exposed to specific temperatures. The total color difference (TCD) of PDA/AgNP-embedded CMC film directly changed with regard to time and temperature. However, adding glycerol to the system resulted in a symmetrical chemical structure, a factor that delayed the color change. Scanning electron micrographs showed AgNPs embedded in the CMC films. Transmission electron micrographs indicated a core-shell structure of PDA/AgNP vesicles in the CMC matrix. PDA/AgNP vesicles were confirmed by second derivative Fourier transform infrared spectroscopy, with a new peak at 1390–1150 cm−1. The kinetics of TTIs from PDA/AgNP-embedded CMC films yielded an activation energy of 58.70 kJ/mol.