We use linear stability analysis and hybrid lattice Boltzmann simulations to study the dynamical behavior of an active nematic confined in a channel made of viscoelastic material. We find that the quiescent, ordered active nematic is unstable above a critical activity. The transition is to a steady flow state for high elasticity of the channel surroundings. However, below a threshold elastic modulus, the system produces spontaneous oscillations with periodic flow reversals. We provide a phase diagram that highlights the region where time-periodic oscillations are observed and explain how they are produced by the interplay of activity and viscoelasticity. Our results suggest experiments to study the role of viscoelastic confinement in the spatiotemporal organization and control of active matter.