Music tempo is closely connected to listeners’ musical emotion and multifunctional neural activities. Music with increasing tempo evokes higher emotional responses and music with decreasing tempo enhances relaxation. However, the neural substrate of emotion evoked by dynamically changing tempo is still unclear. To investigate the spatial connectivity and temporal dynamic functional network connectivity (dFNC) of musical emotion evoked by dynamically changing tempo, we collected dynamic emotional ratings and conducted group independent component analysis (ICA), sliding time window correlations, and k-means clustering to assess the FNC of emotion evoked by music with decreasing tempo (180–65 bpm) and increasing tempo (60–180 bpm). Music with decreasing tempo (with more stable dynamic valences) evoked higher valence than increasing tempo both with stronger independent components (ICs) in the default mode network (DMN) and sensorimotor network (SMN). The dFNC analysis showed that with time-decreasing FNC across the whole brain, emotion evoked by decreasing music was associated with strong spatial connectivity within the DMN and SMN. Meanwhile, it was associated with strong FNC between the DMN–frontoparietal network (FPN) and DMN–cingulate-opercular network (CON). The paired t -test showed that music with a decreasing tempo evokes stronger activation of ICs within DMN and SMN than that with an increasing tempo, which indicated that faster music is more likely to enhance listeners’ emotions with multifunctional brain activities even when the tempo is slowing down. With increasing FNC across the whole brain, music with an increasing tempo was associated with strong connectivity within FPN; time-decreasing connectivity was found within CON, SMN, VIS, and between CON and SMN, which explained its unstable valence during the dynamic valence rating. Overall, the FNC can help uncover the spatial and temporal neural substrates of musical emotions evoked by dynamically changing tempi.