The paper presents a novel technique based on extension of a general mathematical method of transfinite interpolation to solve an actual problem in the context of a heterogeneous volume modelling area. It deals with time-dependent changes to the volumetric material properties (material density, colour, and others) as a transformation of the volumetric material distributions in space-time accompanying geometric shape transformations such as metamorphosis. The main idea is to represent the geometry of both objects by scalar fields with distance properties, to establish in a higher-dimensional space a time gap during which the geometric transformation takes place, and to use these scalar fields to apply the new space-time transfinite interpolation to volumetric material attributes within this time gap. The proposed solution is analytical in its nature, does not require heavy numerical computations and can be used in real-time applications. Applications of this technique also include texturing and displacement mapping of time-variant surfaces, and parametric design of volumetric microstructures.