Based on Biot porous medium theory, considering the coupled reaction of soil skeleton rheology and pore pressure dissipation, the present work investigates the dynamic consolidation characteristics of saturated clay ground under cyclic loading. First, the rheological behavior of the soil skeleton was described by the fractional order Kelvin model. The dynamic consolidation governing equations for the saturated clay were established theoretically in a three‐dimensional axisymmetric coordinate system. Second, the transform domain analytical solution of the dynamic consolidation of saturated clay was obtained using the Hankel–Laplace coupled transform method, and the solution in the time–space domain was further obtained through numerical inversion. Finally, the rheological consolidation behavior of saturated clay under cyclic loading and the influences of parameters were analyzed. The results show that the rheology of the soil skeleton had an inhibitory effect on pore water permeability; compared with elastic skeleton soil, the rheological clay had a slower settlement rate in the primary consolidation stage, a faster rate in the secondary consolidation stage, and greater long‐term settlement. In addition, under cyclic loading, the pore pressure response in saturated clay lags behind the effective stress, and a larger viscous order is associated with faster development of cumulative settlement.