Virtualization technology is considered an effective measure to enhance resource utilization and interference management via radio resource abstraction in heterogeneous networks (HetNet). The critical challenge in wireless virtualization is virtual resource allocation on which substantial works have been done. However, most existing researches on virtual resource allocation focus on improving total utility. Different from the existing works, we investigate the dynamic-aware virtual radio resource allocation in virtualization based HetNet considering utility and fairness. A virtual radio resource management framework is proposed, where the radio resources of different physical networks are virtualized into a virtual resource pool and mobile virtual network operators (MVNOs) compete for virtual resources from the pool to provide service to users. A virtual radio resource allocation algorithm based on biological model is developed, considering system utility, fairness, and dynamics. Simulation results are provided to verify that the proposed virtual resource allocation algorithm not only converges within a few iterations, but also achieves a better trade-off between total utility and fairness than existing algorithm. Besides, it can also be utilized to analyze the population dynamics of system.