To address the limitations of existing research on land value premiums of urban rail transit, which are characterized by short time spans and insufficient exploration of the long-term dynamic impacts of economic cycles, this study, based on data from the Tokyo Metropolitan Area spanning 1984-2023, for the first time, constructs a long-time-series framework covering the bubble period, recession period, and recovery period. It employs the Geographical and Temporal Weighted Regression (GTWR) model to quantitatively capture the spatiotemporal heterogeneity of land value premiums. The results indicate that during the bubble period, the rail transit-induced land value premium exhibits a core-periphery gradient attenuation, with commercial land demonstrating the highest sensitivity; during the recession period, the premium effect reverses direction, leading to strip-shaped depreciation along rail transit corridors in urban areas while exurban land maintains stronger stability in its premium levels; during the recovery period, the overall premium elasticity weakens, yet peri-urban commercial land shows prominent growth potential, with elasticity approximately 1.5 times that of urban areas. The study reveals that there exists a dynamic interaction between macroeconomics and transit accessibility, necessitating the establishment of a cross-cycle response mechanism. This research uncovers the nonlinear dynamic interaction mechanism between macroeconomic cycles and rail transit accessibility, fills the research gap in the quantitative study of cross-cycle spatiotemporal heterogeneity of rail transit- induced land value premiums, provides data support for quantifying such premiums in metropolitan areas under economic fluctuations, and offers theoretical support for mitigating systemic risks and enhancing planning resilience.