Aiming at the problem of the lack of a cooperation mechanism of combined relief valves, this paper proposes a new pressure-regulating and pressure-limiting combined relief valve. Combined with the ordinary relief valve dynamic characteristic analysis method, the dynamic model of the combined relief valve under normal working conditions was established, and its dynamic characteristics were simulated using Simulink. The results showed that the multi-pressure stabilization design of the combined relief valve improves its usability and stability. Under the same structural parameters, the overshoot of the combined relief valve was 5.7%, and the response time was 12 ms, which is better than the ordinary relief valve. Besides, it effectively improves the instability problems, such as the vibration and the large pressure fluctuation of the ordinary relief valve under high pressure and large flow conditions. When the sum of the effective force area on the upper side of the flange of the pressure-regulating valve core and the area of the tail vertebra is equal to the effective force area of the lower side of the flange of the pressure-regulating valve core, the dynamic performance of the relief valve is optimal. For example, if the effective force area under the flange is 1.8 cm2, then the inlet pressure overshoot is 2.8%, and the response time is 10 ms. An appropriate volume of the sensitive cavity, the quality of the valve core, and the fluid resistance of the pressure relief valve are factors that can effectively improve the dynamic performance of the pressure-regulating and pressure-limiting combined relief valve.