This paper presents a coaxial counter-rotating planetary transmission system. The transmission system under study is a two-stage planetary gear train (PGT) comprising a fixed-axes PGT and a differential PGT. A dynamic model of the transmission system is established, considering both the excitations caused by the time-varying mesh stiffness (TMS) and the transmission errors, respectively. The Runge–Kutta algorithm is used to calculate and analyze the dynamic characteristics of the system. This includes studying dynamic meshing forces, planet gear displacements, and load-sharing coefficients (LSCs) under both internal and external excitations, as well as different input torques. The results indicate that when considering external excitations, the variations in the meshing force curves become more pronounced. The radial displacements of the planet gears in the differential PGT are greater than that in the fixed-axes PGT. With increasing input torque, the average displacements of the planet gears in all directions tend to increase. The differential PGT, transmitting a higher power, demonstrates a better load-sharing performance compared to the fixed-axes PGT.