The failure of thermal barrier coatings (TBCs) during operation depends mainly on the thermal mismatch between the ceramic top coat (TC) and the metal bond coat (BC). The thermal mismatch at the interface is influenced by the dynamic changes in the composition and morphology of the thermally grown oxide (TGO) between TC and BC during thermal cycling. This work focuses on the establishment of a TGO dynamic growth model, which considers the changes in TGO composition and morphology for investigating the effect of dynamic growth of TGO on local mismatch stresses during thermal cycling. The results show that the sharp locations at the TGO/BC interface are more prone to high tensile stresses during thermal cycling due to the uneven growth behavior of TGO, leading to crack initiation. The valley region of the interface is in a state of compressive stress σxx during the early stages of thermal exposure. The peak region preferentially forms a concentration of tensile stress σyy. Once large-scale "layer" (Ni, Co)Al2O4-based spinel-like mixed oxides(MO) growth occurs in TGO, the stress σxx changes from compressive stress to tensile stress in the valley region, eventually forming high tensile stress (Max: +158 MPa). The maximum tensile stress σyy in the peak region is increased to 256 MPa, which is more than two times larger than the early period of thermal exposure. As a result, the dramatic changes in local stresses seriously affect the time and location of microcracks.