Disclosed is a dynamic token operating method. In the method, a key on the dynamic token is pressed down. If a power key is pressed down and a power flag is not set, an unlocking code interface is entered if a lock flag is set. If a delete key is pressed down, data at tail end of a data cache is deleted. If a number key is pressed down, data corresponding to the pressed key is stored in a case that the dynamic token is not in the information interface and a logon password modifying interface is entered or data corresponding to the key pressed down is stored in a case that the dynamic token is in the information interface. If an OK key is pressed down, a dynamic password is generated and displayed in a case that the dynamic token is in the information interface.