We consider an autoparametric system consisting of an oscillator coupled with an externally excited subsystem. The oscillator and the subsystem are in one-to-one internal resonance. The excited subsystem is in primary resonance. The method of second-order averaging is used to obtain a set of autonomous equations of the second-order approximations to the externally excited system with autoparametric resonance. The Šhilnikov-type homoclinic orbits and chaotic dynamics of the averaged equations are studied in detail. The global bifurcation analysis indicates that there exist the heteroclinic bifurcations and the Šhilnikov-type homoclinic orbits in the averaged equations. The results obtained above mean the existence of the amplitude-modulated chaos for the Smale horseshoe sense in the externally excited system with autoparametric resonance. Furthermore, a detailed bifurcation analysis of the dynamic (periodic and chaotic) solutions of the averaged equations is presented. Nine branches of dynamic solutions are found. Two of these branches emerge from two Hopf bifurcations and the other seven are isolated. The limit cycles undergo symmetry-breaking, cyclic-fold and period-doubling bifurcations, whereas the chaotic attractors undergo attractor-merging and boundary crises. Simultaneous occurrence of the limit cycle and chaotic attractors, homoclinic orbits, intermittency chaos and homoclinic explosions are also observed.