We present an exact mathematical framework for electromagnetic wave propagation in periodically time-modulated media, in which the permittivity is homogenous and modulated in a step-varying fashion. By using Hill’s equation theory, we show that this problem has analytical solutions. We connect the dispersion relation, which exhibits k− gaps, with the Hill stability analysis, providing an alternative mathematical description for wave propagation in temporal crystals. Our analysis, which is exact and transposable to other kinds of waves or modulation schemes, provides general useful physical and mathematical insights, complementing the use of numerical techniques such as finite differences in the time domain, or harmonic balance schemes, with a more transparent and practical design tool. The present analytical transient mathematical analysis, in contrast with the existing frequency-domain numerical approaches, can exhibit the parametric properties of electromagnetic waves inside a time periodic medium. For this reason, it can be a useful tool for the design of active microwave and optical devices, which employ time periodic wave medium modulation to filter or parametrically amplify wave signals.