To predict the performance of a rotary compressor and study the dynamic coupling characteristics of the valve, a three-dimensional dynamic model of the compressor is constructed in this paper. The model adopts the fluid–solid interaction method and the dynamic grid technique to achieve coupled reed valve motion. Meanwhile, to solve the problem of grid deformation caused by large deformation of the valve plate, a user-defined dynamic grid method is used to realize grid updating in the deformed area based on computational fluid dynamics method and the ideas of spring smoothing method. The model is validated with a cooling capacity error of 6.07% and an indicated power error of 2%. The stress, the displacement, the velocity and the pressure of the valve is analyzed. The flow characteristics and the dynamic characteristics of the valve plate obtained provide a reference for the design of the compressor.