This research aims to extend our understanding of propeller wake dynamics under a light loading condition, thereby laying a foundation for design optimization and flow control of the propeller. Dynamic mode decomposition (DMD) and reconstruction are used to analyze the transient vortical wake structures obtained by large eddy simulation. The propeller wake includes stable tip and hub vortices without interacting evolution at the light loading condition, and elliptical instabilities are observed downstream of the tip vortices. DMD describes the most energetic modes and the corresponding dominant frequencies are the blade passing frequency and its multiples. The coherent structures identified via DMD are primarily associated with the ordered convection of the tip vortices and have little correlation with the hub vortices. Additionally, the propeller wake flow is reconstructed using the first four DMD modes, and the primary wake features are well restored with a maximum reconstructed error of 7.98%. This demonstrates that the flow-field reconstruction based on the DMD reduced-order model is promising for predicting the propeller wake and controlling the propeller operation.