Circuits and methods of dynamic modulation are disclosed. A dynamic modulator is used to reduce measurable conducted and/or radiated electromagnetic interference (EMI). The dynamic modulator is configured to generate either a set of optimal frequency modulation depths or discrete frequencies or both, and dynamically selects them to use over a series of programmable time durations (dwell time). Together with the utilization of Peak, Average or Quasi-Peak (QP) method of measurement, the dynamic modulator can reduce the spectral amplitude of EMI components, in particular the lower harmonics, to effectively pass regulatory requirements. In alternative embodiments, the dynamic modulator is used in a closed loop system to continuously adjust the frequency and the duty cycle of a PWM signal to reduce conducted and/or radiated EMI.