To reduce manufacturing, transportation, lifting and maintenance costs of increasingly larger and larger floating wind turbines, a Spar-type floating two-bladed wind turbine based on the 5 MW OC3-Hywind floating wind turbine model from the National Renewable Energy Laboratory (NREL) is studied in this paper. The two-bladed wind turbine can cause serious problems with large dynamic loads, so a flexible hub connection was introduced between the hub mount and nacelle carrier to alleviate the dynamic effect. The paper focuses on studying the dynamic responses of the proposed Spar-type floating two-bladed wind turbine with a flexible hub connection at rated and extreme environmental conditions. Fully coupled time-domain simulations are carried out by integrating aerodynamic loads on blades, hydrodynamic loads on the spar, structural dynamics of the tower, blades and mooring lines, control system and flexible hub connection. The analysis results show that the application of a flexible hub connection between the hub mount and nacelle carrier can make a contribution to enable the Spar-type floating two-bladed wind turbine to effectively dampen the motion of the floating platform, while significantly reducing the tower load and blade deflection.