In this article, a dynamic dual‐band baseband equivalent Volterra (DDBE) model is proposed to compensate the nonlinear distortions of the concurrent dual‐band power amplifier (PA). The DDBE model is obtained by improving the discretized dual‐band baseband equivalent Volterra model which can describe the output characteristics of concurrent dual‐band PA completely in theory but is lack of practicability. Three simplification rules are proposed in the article, and the relevance between in‐band intermodulation and in‐band cross modulation is employed to simplify the establishment complexity of the model. Then the dynamic kernels are categorized into three groups, and based on this, DDBE models with different level dynamical kernels are derived. In addition, draw on the experience of single‐band PA behavioral model, even‐order kernels are introduced into DDBE models. Digital predistortion performances of a wideband PA, which works in concurrent dual‐band mode, are evaluated to verify the feasibility and advantages of the proposed model.