Allowing connected and automated vehicles (CAVs) to drive in bus lanes can enhance the utilization efficiency of exclusive bus lanes. However, this could also lead to a certain degree of heightened bus operating delays. In a connected and automated environment, vehicle-to-vehicle (V2V) communication is essential for implementing dynamic management strategies for bus lanes. This study focuses on urban arterial roads as the research scenario. Based on the characteristics of the car-following and lane-changing behaviors of human-driven vehicles (HDVs) and connected and automated vehicles (CAVs), a simulation platform for heterogeneous traffic flow is established. Four strategies for bus lane control are proposed: exclusive bus lanes (EBLs), bus and CAV mixed lanes (BCMLs), dynamic bus lanes (DBLs), and dynamic priority bus lanes (DPBLs). Through simulation experiments, an analysis is conducted to compare traffic operation characteristics under different bus lane strategies, assess the advantages of these strategies, and determine the traffic density conditions for their implementation. The results indicate that in comparison to the EBL strategy, the other strategies enhance traffic flows but result in different levels of travel delays for buses. Compared to the DBL and BCML strategies, the DPBL strategy is applicable under a broader range of traffic density conditions. Additionally, sensitivity analysis revealed that the effects of the V2V communication distance and bus flows on the applicability of DPBL strategies are relatively minor. These results provide a theoretical basis and practical guidance for future bus lane management.