While a pure quantum state may accumulate both the Berry phase and dynamic phase as it undergoes a cyclic path in the parameter space, the situation is more complicated when mixed quantum states are considered. From the Ulhmann bundle, a mixed quantum state can accumulate the Ulhmann phase if the parallel-transport condition is satisfied. However, we show that the Ulhmann process is in general not compatible with the evolution equation of the density matrix governed by the Hamiltonian. Thus, a mixed quantum state usually accumulates a dynamic phase during its time evolution. We present the expression of the dynamic phase for mixed quantum states. In examples of one-dimensional two-band models and simple harmonic oscillator, the dynamic phase can take multiple discrete values in quasi-static processes at infinitely high temperature due to the resonant points. However, the behavior differs if the energy spectrum is continuous without a band gap. Moreover, there is no natural analog of the dynamic phase in classical systems.