This paper investigates the problem of temporally interpolating dynamic 3D point clouds with large non-rigid deformation. We formulate the problem as estimation of point-wise trajectories (i.e., smooth curves) and further reason that temporal irregularity and under-sampling are two major challenges. To tackle the challenges, we propose IDEA-Net, an end-to-end deep learning framework, which disentangles the problem under the assistance of the explicitly learned temporal consistency. Specifically, we propose a temporal consistency learning module to align two consecutive point cloud frames point-wisely, based on which we can employ linear interpolation to obtain coarse trajectories/in-between frames. To compensate the high-order nonlinear components of trajectories, we apply aligned feature embeddings that encode local geometry properties to regress point-wise increments, which are combined with the coarse estimations. We demonstrate the effectiveness of our method on various point cloud sequences and observe large improvement over state-of-the-art methods both quantitatively and visually. Our framework can bring benefits to 3D motion data acquisition. The source code is publicly available at https://github.com/ZENGYIMING-EAMON/IDEA-Net.git.