Temperature is an important factor affecting the stability of the light source. Temperature changes will lead to changes in the parameters of the light source, which in turn influences the visual and non-visual effects of the light source. The relationship between the spectral parameters of the single-channel light source and the heatsink temperature is determined based on three models, and the temperature spectral model of the multi-LED light source is built. In addition, temperature experiments on the four-color (RGBY) LED light source (using D50 and D65 light sources) are conducted. The results show that the light source spectrums at different heatsink temperatures in the temperature spectral model are basically in line with measured spectrums. The maximum relative errors of the parameters of these two do not exceed 6.15%, which verifies the reliability of the model. For the changes in light source parameters (illuminance, correlated color temperature, and circadian action factor) caused by temperature, we use the temperature spectral model and differential evolution algorithm to determine the compensation weight of each channel in the pulse width modulation control system in real time. At the same time, the light source parameter compensation is realized based on the heatsink temperature feedback to the weight. This research can be applied to the dynamic design and the temperature stability control of multi-LED light sources.