To reveal the dynamic characteristics of planetary roller screw mechanism, a dynamic model of planetary roller screw mechanism is developed in this study, which is based on the bond graph theory that accounts for friction, axial clearance, and screw stiffness. First, the bond graph models of friction, axial clearance, and load distribution are presented. Then, a bond graph model of the entire planetary roller screw mechanism for the dynamic analysis is established using the 20-sim software package, and the dynamic equations are solved using the Runge–Kutta–Fehlberg algorithm. Finally, the axial speed, axial acceleration, and contact force of the components are derived under different axial loads and with different axial clearances. Furthermore, the dynamic friction characteristics at different angular velocities of the screw and the dynamic stiffnesses for different axial clearances are also obtained. The results can provide a theoretical basis for planetary roller screw mechanism design with consideration of dynamic characteristics.