  We presented the results of an analysis of four XMM-Newton observations of
the starburst galaxy IC342 taken over a four-year span from 2001 to 2005, with
an emphasis on investigating the long-term flux and spectral variability of the
X-ray point sources. We detected a total of 61 X-ray sources within 35'
$\times$ 30' of the galaxy down to a luminosity of (1-2)$\times$1037 erg s-1
depending on the local background. We found that 39 of the 61 detected sources
showed long-term variability, in which 26 of them were classified as X-ray
transients. We also found 19 sources exhibiting variations in hardness ratios
or undergoing spectral transitions among observations, and were identified as
spectral variables. In particular, 8 of the identified X-ray transients showed
spectral variability in addition to flux variability. The diverse patterns of
variability observed is indicative of a population of X-ray binaries. We used
X-ray colors, flux and spectral variability, and in some cases the optical or
radio counterparts to classify the detected X-ray sources into several stellar
populations. We identified a total of 11 foreground stars, 1 supersoft sources
(SSS), 3 quasisoft sources (QSS), and 2 supernova remnants (SNR). The
identified SSS/QSS are located near or on the spiral arms, associate with young
stellar populations; the 2 SNR are very close to the starburst nucleus where
current star formation activities are dominated. We also discovered a spectral
change in the nuclear source of IC342 for the first time by a series of X-ray
spectrum analysis.
