Urban agglomeration (UA) is a highly developed spatial form of urban complex, which is one of the important carriers of regional economic cooperation, international industrial division of labor, and flow of capital and information elements. In China, urban agglomerations (UAs) have become the spatial subject of the national new-type urbanization strategy since the early 21st century and have made irreplaceable contributions to China’s urbanization and economic development. The Guanzhong Plain urban agglomeration (GPUA) is an important economic growth pole in northwest China and a key node in China’s open-door pattern. Exploring the spatial and temporal characteristics and driving factors of its economic development will be an important revelation for the promotion of high-quality economic development of the GPUA. This paper characterizes the level of economic development of GPUA with a long series of nighttime light data between 2002 and 2022. The standard deviation ellipse, spatial autocorrelation analysis, the economic difference index, and grey correlation analysis are used to analyze the characteristics of spatio-temporal evolution, internal diversity, and driving factors of economic development of the GPUA. The results show that the economic development level of the GPUA continued to increase from 2002 to 2022. The spatial distribution of the GPUA economy is “northeast-southwest” axial distribution, and the center of gravity of economic development gradually moves westward. The differences in the level of economic development within the GPUA show a typical core–periphery structure, but the degree of difference tends to weaken over time. The internal expansion force and economic promotion force were the dominant factors for the economic development of the GPUA in the early years. However, with the passage of time, scientific and technological support and government support have gradually become the main influencing factors for the economic development of the GPUA nowadays.