I have a frequently updated website. That's why page contents change frequently. I mean the items that are on 1'st page become on 2'nd page a day after. Similarly 192'nd page which is my last page becomes 193'rd page a day after. So Google finds different content on a specific page than its previous visit. Is it bad for SEO?
If the contents are constantly changing and changing dramatically, it might cause some problems even if Google gives you a high ranking.
Lets say Google visits and your page has a lot of content about birds. So Google decides your page is about birds. When people search for "birds" they get your page as the top result. Then your page changes and it is now about snakes. Now people come to your page looking for information about birds, but they find information about snakes--in other words they didn't find what they were looking for.
Now if the topic remains the same and it is just a matter of showing different front page content, this might not be a problem. Particularly if your front page is just a list of links to other content on your site where the url always shows the same content.
However, if you have actual content pages, it is probably better for them to constant. You don't want www.example.com/snakes.html to start showing all your bird content.
If your site is only a compilation of partial content with links to other sites, you may have an SEO problem when it comes to duplicate content that doesn't have anything to do with how often the content changes.
If what you are referring to is a list of links such as the index of a forum, or a list of articles on the index of a blog or article repository, this shouldn't be a problem since the bulk of the content, and the page that the search engine is most likely to redirect users to is going to be the actual article or post.
Look at the New Questions page here. This list changes every 10-20 minutes. However, search engines still have no problem taking users to a question that matches their search parameters because the link still exists somewhere, and the question's own page has a constant URL.
Generally speaking, when considering SEO you are trying to optimise one page on your site for a given keyword. When asking the question "is this good for SEO", you need to be specific about the keywords you're trying to target.
The problem with the current way you're doing things is your pages aren't really targeting any particular keywords (perhaps they all target "food"). When someone types "food" into Google where do you want them to go?
You could take a look at how the Stack Exchange sites do it. As @Wige pointed out they have a "new questions" page similar to your home page (in that it's a constantly changing index of new content). But then they add tags and have URLs that index questions with those tags
In your case, you could have index pages that continue to change constantly and list the latest links. If you added a "chocolate cake" page which listed just the recipes that you tagged as "chocolate, cake" then that page could be considered optimised for the keywords "chocolate cake" and should perform better than your current pages on those searches.