Large Language Models (LLMs) are increasingly used to support scientific research, but their knowledge of scientific advancements can quickly become outdated. We introduce ScienceMeter, a new framework for evaluating scientific knowledge update methods over scientific knowledge spanning the past, present, and future. ScienceMeter defines three metrics: knowledge preservation, the extent to which models' understanding of previously learned papers are preserved; knowledge acquisition, how well scientific claims from newly introduced papers are acquired; and knowledge projection, the ability of the updated model to anticipate or generalize to related scientific claims that may emerge in the future. Using ScienceMeter, we examine the scientific knowledge of LLMs on claim judgment and generation tasks across a curated dataset of 15,444 scientific papers and 30,888 scientific claims from ten domains including medicine, biology, materials science, and computer science. We evaluate five representative knowledge update approaches including training- and inference-time methods. With extensive experiments, we find that the best-performing knowledge update methods can preserve only 85.9% of existing knowledge, acquire 71.7% of new knowledge, and project 37.7% of future knowledge. Inference-based methods work for larger models, whereas smaller models require training to achieve comparable performance. Cross-domain analysis reveals that performance on these objectives is correlated. Even when applying on specialized scientific LLMs, existing knowledge update methods fail to achieve these objectives collectively, underscoring that developing robust scientific knowledge update mechanisms is both crucial and challenging.