We investigate the evolution of quantum correlations over the lifetime of a multiphoton state. Measurements reveal time-dependent oscillations of the entanglement fidelity for photon pairs created by a single semiconductor quantum dot. The oscillations are attributed to the phase acquired in the intermediate, nondegenerate, exciton-photon state and are consistent with simulations. We conclude that emission of photon pairs by a typical quantum dot with finite polarization splitting is in fact entangled in a time-evolving state, and not classically correlated as previously regarded.