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The time-variant matrix inversion (TVMI) problem solving is the hotspot of current research because of its frequent appearance and application in scientific research and industrial production. The generalized inverse problem of singular square matrix and nonsquare matrix can be related to Penrose equations (PEs). The PEs implicitly define the generalized inverse of a known matrix, which is of fundamental theoretical significance. Therefore, the in-depth study of PEs might enlighten problem solving of TVMI in a foreseeable way. For the first time, we construct three different matrix error-monitoring functions based on PEs and propose the corresponding models for TVMI problem solving by using the substitution technique and ZNN design formula. In order to facilitate computer simulation, the obtained continuous-time models are discretized by using ZTD (Zhang time discretization) formulas. Furthermore, the feasibility and effectiveness of the novel Zhang neural network (ZNN) multiple-multiplication model for matrix inverse (ZMMMI) and the PEs-based Getz–Marsden dynamic system (PGMDS) model in solving the problem of TVMI are investigated and shown via theoretical derivation and computer simulation. Computer experiment results also illustrate that the direct derivative dynamics model for TVMI is less effective and feasible. [ABSTRACT FROM AUTHOR]