This paper presents the analytical closed‐form solutions of moving two equal collinear semipermeable cracks in magneto‐electro‐elastic material considering the strip electric‐magnetic polarization saturation (EMPS) model. To simulate the dynamic/moving cracks problem, two equal collinear Yoffe type cracks moving with a constant subsonic velocity along the plane of the cracks is considered. The problem is solved by considering semipermeable crack face conditions and under the in‐plane electro‐magnetic‐mechanical loading. Applying distributed dislocation technique and symmetry of the collinear cracks, the problem is reduced into simultaneous singular integral equations which have been solved in closed form expressions using finite Hilbert approach. The explicit expressions for dynamic distributed dislocation densities, crack opening displacement (COD), crack opening potential (COP), crack opening induction (COI), and local stress intensity factors (LSIFs) are evaluated for both the cases of the EMPS model (magnetic zone is smaller or greater than electric zone). For evaluation of inner and outer electric and magnetic zone lengths (MZLs), an iterative approach is applied to solve the developed two non‐linear equations. Also, to implement the semipermeable crack‐face conditions, a bisection iterative method has been applied. Based on the developed closed form solutions, numerical studies are presented for standard fracture parameters with respect to crack propagation velocity, electrical loading and inter‐crack space distance. This study shows that electric displacement and magnetic induction defined over the crack‐surface for semipermeable conditions decrease whereas the numerical values of saturated zone lengths, COD, COP, COI, and LSIFs increase with increasing crack propagation velocity. Moreover, for both static and dynamic cracks problems, the significant crack‐interaction effects have been observed on all the studied fracture parameters except the crack‐face conditions.