We present a study of the multiscaling of time-dependent velocity and magnetic-field structure functions in homogeneous, isotropic magnetohydrodynamic (MHD) turbulence in three dimensions. We generalize the formalism that has been developed for analogous studies of time-dependent structure functions in fluid turbulence to MHD. By carrying out detailed numerical studies of such time-dependent structure functions in a shell model for three-dimensional MHD turbulence, we obtain both equal-time and dynamic scaling exponents.