The load transfer control equations under bolt-surrounding rock interaction are established on the basis of classical beam theory and the trilinear shear slip model. The axial stress and transverse shear force distributions of the anchorage body are obtained by solving the equations. The equivalent forces obtained by the transverse force and axial shear stress of the bolts are applied to rock mass elements to simulate the support effect. A new dynamic algorithm for bolts is proposed in considering of the axial and transverse deformation of the anchorage body. The rationality of the algorithm is verified by comparing with laboratory pullout and shear tests of bolts. A dynamic time-history case study of underground caverns is conducted using this algorithm. Results indicate that (1) the algorithm may reflect the stress and deformation characteristics of bolts during an earthquake; (2) for the antiseismic support effect of the surrounding rock at fault, the bolt algorithm in this study is more valid than the algorithm that considered only the axial deformation of bolts; (3) in the support force of the bolt to the surrounding rock, transverse force is the key to limit fault dislocation and reduce the dynamic damage of the rock at fault.