Temperature-induced Lifshitz transitions have been identified in several materials. Their chemical potential shows a substantial shift with changing temperature. The common feature of these materials is the coexistence of electron and hole pockets in the vicinity of the chemical potential. Here, we report the observation of temperature-induced chemical potential shift and Lifshitz transition in a layered type-II Weyl semimetal, TaIrTe4. The reversal of the polarity of the Hall resistivity and thermoelectric power (TEP) as the temperature increases clearly signal an appreciable shift of the chemical potential and change of the Fermi surface. It is corroborated by the improving agreement between the experimental TEP and the one calculated with temperature-dependent chemical potential. The complete disappearance of an electron pocket, consistent with the change of the Fermi surface when the chemical potential moves downwards, provides an evident signature of a temperature-induced Lifshitz transition in TaIrTe4.