Piezoelectric actuators are widely used in micro- and nano-manufacturing and precision machining due to their superior performance. However, there are complex hysteresis nonlinear phenomena in piezoelectric actuators. In particular, the inherent hysteresis can be affected by the input frequency, and it sometimes exhibits asymmetrical characteristic. The existing dynamic hysteresis model is inaccurate in describing hysteresis of piezoelectric actuators at high frequency. In this paper, a Dynamic Delay Prandtl–Ishlinskii (DDPI) model is proposed to describe the asymmetrical and dynamic characteristics of piezoelectric actuators. First, the shape of the Delay Play operator is discussed under two delay coefficients. Then, the accuracy of the DDPI model is verified by experiments. Next, to compensate the asymmetrical and dynamic hysteresis, the compensator is designed based on the Inverse Dynamic Delay Prandtl–Ishlinskii (IDDPI) model. The effectiveness of the inverse compensator was verified by experiments. The results show that the DDPI model can accurately describe the asymmetrical and dynamic hysteresis, and the compensator can effectively suppress the hysteresis of the piezoelectric actuator. This research will be beneficial to extend the application of piezoelectric actuators.