In this paper, a time-dependent multi-mode coaxial gyrotron with inner corrugation is introduced. The time-dependent amplitude and phase equation of the mode TEmn and the multi-mode electron motion equation are derived from the wave equation and the Lorentz equation, respectively. Using these equations, the time evolution of the time-dependent multi-mode coaxial cavity gyrotron with inner corrugation is studied by numerical calculations. Researches show that a 170 GHz coaxial gyrotron with inner corrugation can start up and stably operate in the mode TE32,17 and its competition modes are depressed under the given operation parameters. It is found that the output power and the output efficiency of the coaxial gyrotron with inner corrugation are 2.205 MW and 40%, respectively. These studies display the mode competition process of the time-dependent multi-mode coaxial gyrotron with inner corrugation. It is helpful to further research on the beam-wave interaction of the gyrotron.