The dynamic yaw significantly affects the aerodynamic load distribution of wind turbines, and the aerodynamic load is one of the main influencing factors of wind turbine structural stress variation. Taking the NACA4415 horizontal axis wind turbine designed by the research group as the research object, the numerical simulation was used to analyze the distribution characteristics of blade stress, surface thrust coefficient, and the wind turbine power output under periodic dynamic yaw conditions. The results show that the blade stress, blade axial thrust, and wind turbine output power were presented as a cosine distribution with yaw fluctuations. The distribution trend of blade stress showed an increase followed by a decrease from the inside out along the span direction. In addition, due to the influence of dynamic yaw and aerodynamic loads, the stress values near the blade root exhibited significant fluctuations. With the increase in tip speed ratio, the stress values of dynamic windward yaw gradually exceeded those of leeward yaw. Within the range of a 10° to 30° yaw variation period, the stress value with positive yaw was larger than that with negative yaw, and the highest stress value occurred in the range of −5° to 15°. The results can be provided as a theoretical basis for the structural design and yaw control strategies of wind turbines, considering dynamic yaw operation.