This paper aims at investigating the effects of tooth profile modification (TPM) on the dynamic response of planetary gear train (PGT). A numerical model is carried out to calculate two major excitation sources of PGT, time-varying mesh stiffness (TVMS), and transmission errors (TEs). On this basis, a linear time-varying dynamic model of a PGT considering TVMS, TEs, and TPM is developed. Dynamic deviation factor is further introduced to describe the dynamic response of the PGT. In this paper, TPM is only applied to the external meshes firstly. Effects of TPM parameters, such as amount of TPM, normalized modification angle, and modification curve, on the excitation sources and dynamic response of the PGT are discussed in detail. Subsequently, investigation on the effects of TPM only applied to internal meshes is conducted. Finally, with the aim to obtain the optimal TPM for the minimization of dynamic load of PGT in both external and internal gear meshes, the genetic algorithm (GA) is employed. This research may shed light upon design optimization of PGT with respect to improvement of vibration performance by means of optimized TPM.