From October 1999 to August 2002, 45 transient X-ray sources were detected in M31 by Chandra and XMM-Newton. We have performed spectral analysis of all XMM-Newton and Chandra ACIS detections of these sources, as well as flux measurements of Chandra HRC detections. The result is absorption-corrected X-ray lightcurves for these sources covering this 2.8 year period, along with spectral parameters for several epochs of the outbursts of most of the transient sources. We supply a catalog of the locations, outburst dates, peak observed luminosities, decay time estimates, and spectral properties of the transient sources, and we discuss similarities with Galactic X-ray novae. Duty cycle estimates are possible for 8 of the transients and range from 40% to 2%; upper limits to the duty cycles are estimated for an additional 15 transients and cover a similar range. We find 5 transients which have rapid decay times and may be ultra-compact X-ray binaries. Spectra of three of the transients suggest they may be faint Galactic foreground sources. If even one is a foreground source, this suggests a surface density of faint transient X-ray sources of >~1 deg$^{-2}$.

63 pages, 22 figures, 3 tables, accepted for publication in ApJ