In this paper, we consider a Holling type IV functional response that describes a situation in which the predator’s per capita rate of predation decreases at sufficiently high prey density. Meanwhile it can be transformed into a Holling type II functional response in the limiting sense where predator’s attack rate increases at a decreasing rate with prey density until it becomes satiated. To explore the different dynamics of these two functional responses, we consider the slow–fast dynamic behavior of predator–prey system with Holling type IV and II functional responses, respectively, and make some simple comparisons of the dynamics of the system with these two functional responses. Specifically speaking, in the nonspatial case, firstly, the system with Holling type II functional response does not undergo a higher-codimension Hopf bifurcation. Then, the system with Holling type IV is extensively proved the existence of canard cycles and relaxation oscillations by using a range of analytical methods such as geometric singular perturbation technique, normal form of the slow–fast system, and the way in–way out function. In the spatial case, the temporal systems are extended to reaction–diffusion predator–prey systems. For the reaction–diffusion system with Holling IV, the different types of traveling wave are observed. Moreover, for the reaction–diffusion predator–prey system with Holling II, it is demonstrated that Turing instability occurs, which induces spatial heterogeneity patterns. Finally, the comparisons of the above dynamics of Holling Type IV and II functional responses in the non-spatial and spatial cases, respectively, are presented. From these comparisons, different Holling functional responses may be adopted for species at different stages or states, which is more conducive to maintaining species diversity and coexistence.