Recently discovered Ba2CuO4-y provides new perspectives to the study of high-temperature superconductivity. Whereas, little is known about the spin dynamics of this material. In this work, we employ the fluctuation exchange (FLEX) approximation within the framework of spin-fluctuation mediated superconductivity to examine the behavior of the spin fluctuations of a two-orbital Hubbard model for Ba2CuO4-y. Our calculations reveal an extraordinary spin resonance mode coupled to the superconducting state in the hole-underdoped regime. Furthermore, we confirm that the coupling between the electrons and this resonance mode can lead to a “dip”-like feature in the electronic spectrum as a feedback effect. In the hole-overdoped regime, by incorporating self energy into our calculations, we obtain orbital-dependent renormalizations and show how these self-energy effects can lead to the detailed gap structures and the orbital-selective superconductivity, which could not be obtained in a previous study using random phase approximation (RPA). This research may shed a new light on searching for unconventional superconductors with higher transition temperatures.