Using the path probability and lowest approximation of cluster variation method, we study the dynamic and equilibrium properties of a bilayer magnetic system, consisting of two ferromagnetic monolayers antiferromagnetically coupled for different spins (σ = 1/2 and S = 1). Firstly, numerical results of the monolayer and total magnetizations are presented under the effect of the diverse physical parameters, and the phase diagrams of bilayer system are discussed. Then, since it is well established that the path probability method is an effective method for the existence of metastable states, the time evolution of monolayer- and total magnetizations is investigated.