ABSTRACTThis paper is the second in a sequel of two papers and dedicated to the computation of paraxial rays and dynamic characteristics along the stationary rays obtained in the first paper. We start by formulating the linear, second‐order, Jacobi dynamic ray tracing equation. We then apply a similar finite‐element solver, as used for the kinematic ray tracing, to compute the dynamic characteristics between the source and any point along the ray. The dynamic characteristics in our study include the relative geometric spreading and the phase correction due to caustics (i.e. the amplitude and the phase of the asymptotic form of the Green's function for waves propagating in 3D heterogeneous general anisotropic elastic media). The basic solution of the Jacobi equation is a shift vector of a paraxial ray in the plane normal to the ray direction at each point along the central ray. A general paraxial ray is defined by a linear combination of up to four basic vector solutions, each corresponds to specific initial conditions related to the ray coordinates at the source. We define the four basic solutions with two pairs of initial condition sets: point–source and plane‐wave. For the proposed point–source ray coordinates and initial conditions, we derive the ray Jacobian and relate it to the relative geometric spreading for general anisotropy. Finally, we introduce a new dynamic parameter, similar to the endpoint complexity factor, presented in the first paper, used to define the measure of complexity of the propagated wave/ray phenomena. The new weighted propagation complexity accounts for the normalized relative geometric spreading not only at the receiver point, but along the whole stationary ray path. We propose a criterion based on this parameter as a qualifying factor associated with the given ray solution. To demonstrate the implementation of the proposed method, we use several isotropic and anisotropic benchmark models. For all the examples, we first compute the stationary ray paths, and then compute the geometric spreading and analyse these trajectories for possible caustics. Our primary aim is to emphasize the advantages, transparency and simplicity of the proposed approach.