The threat of forest fires to human life and property causes significant damage to human society. Early signs, such as small fires and smoke, are often difficult to detect. As a consequence, early detection of smoke and fires is crucial. Traditional forest fire detection models have shortcomings, including low detection accuracy and efficiency. The YOLOv8 model exhibits robust capabilities in detecting forest fires and smoke. However, it struggles to balance accuracy, model complexity, and detection speed. This paper proposes LD-YOLO, a lightweight dynamic model based on the YOLOv8, to detect forest fires and smoke. Firstly, GhostConv is introduced to generate more smoke feature maps in forest fires through low-cost linear transformations, while maintaining high accuracy and reducing model parameters. Secondly, we propose C2f-Ghost-DynamicConv as an effective tool for increasing feature extraction and representing smoke from forest fires. This method aims to optimize the use of computing resources. Thirdly, we introduce DySample to address the loss of fine-grained detail in initial forest fire images. A point-based sampling method is utilized to enhance the resolution of small-target fire images without imposing an additional computational burden. Fourthly, the Spatial Context Awareness Module (SCAM) is introduced to address insufficient feature representation and background interference. Also, a lightweight self-attention detection head (SADH) is designed to capture global forest fire and smoke features. Lastly, Shape-IoU, which emphasizes the importance of boundaries’ shape and scale, is used to improve smoke detection in forest fires. The experimental results show that LD-YOLO realizes an mAP0.5 of 86.3% on a custom forest fire dataset, which is 4.2% better than the original model, with 36.79% fewer parameters, 48.24% lower FLOPs, and 15.99% higher FPS. Therefore, LD-YOLO indicates forest fires and smoke with high accuracy, fast detection speed, and a low model complexity. This is crucial to the timely detection of forest fires.