The analysis of convergent and discriminant validity is an integral part of the construct validation process. Models for analyzing the convergent and discriminant validity have typically been developed for cross-sectional data. There exist, however, only a few approaches for longitudinal data that can be applied for analyzing the construct validity of fluctuating states. In this article, the authors show how models of latent state-trait theory can be combined with models of multitrait-multimethod analysis to develop a model that allows for analyzing convergent and discriminant validity in time: the multimethod latent state-trait model. The model allows for identifying different sources of variance (trait consistency, trait-method specificity, occasion-specific consistency, occasion-specific method specificity, and unreliability). It is applied to the repeated measurement of depression and anxiety in children, which was assessed by self and teacher reports (N = 375). The application shows that the proposed models fit the data well and allow a deeper understanding of method effects in clinical assessment.