I have a matplotlib widget Textbox as follows
temp_descr = \'wow\'
self.axLabel = plt.axes([0.7, 0.05, 0.21, 0.075])
self.text_boxLabel = TextBox(self.axLabel, \
You do not only want to set the text which is shown but also change the text which is internally stored. To do this all at once use the TextBox's .set_val() method.
import matplotlib.pyplot as plt
import matplotlib.widgets
temp_descr = 'wow'
axLabel = plt.axes([0.7, 0.05, 0.21, 0.075])
textbox = matplotlib.widgets.TextBox(axLabel, 'Label: ', temp_descr)
textbox.set_val("jojojo")
plt.show()