This article is devoted to the temporary legislation issues as multifunctional legislative instruments, which can be efficiently used in the current dynamic of social, political, information, communication and economic processes. The author regards main scholarly advantages and drawbacks of the introduction of temporary legislation in lawmaking, particularly in the context of stability and predictability of legal regulation, equality of participants in the legal relations. The factors determining the practical necessity of temporary regulation (particularly, innovative products, introduction of new public regulation or economic regimes political or military crises, pandemic) are systematized in this article. It also introduces the review of international experience of application of a temporary regulation in the countries with different legal systems, which shows ways of practical usage of this instrument and lack of systemized approaches for it. The author suggests distinguishing between two main types of temporary regulation - temporary (transitional) and experimental - and identifying potential areas of practical application of such regulation, in particular: rapid response to temporary topical problems, decision-making in highly unpredictable situations, more dynamic regulation of innovation and development. At the same time the systematic modeling of introduction and expiration date of temporary regulation is indicated as the main requirement for the effective implementation of such regulation in compliance with the principle of rule of law. Overall, the author concludes that to be effective, efficient and prospective tool of regulation temporal regulation has to be based on the principles, methods and restrictions of its application, which in turn have to be developed by lawyers.