Apparatuses, systems, and methods for application function (AF) key generation and AF key renewal. A user equipment device (UE) may communicate with an application function (AF) via a radio access network (RAN) using a first AF key and determine that the first AF key has expired. The UE may derive a second AF key based on at least an Architecture for Authentication and Key Management for Applications (AKMA) anchor key (KAKMA) and a counter parameter and communicate with the AF via the RAN using the second AF key. At least one of the UE, the AF, and/or an AKMA Anchor Function (AAnF) may be configured to monitor expiration of the first AF key based on an associated lifetime of the first AF key. The first and second AF keys may be derived using a key derivation function that includes at least one variable parameter.