The magnetic behaviours of a two-dimensional square-octagon lattice with mixed spin 5/2 and spin 1 magnetic atoms are investigated in a dynamic magnetic field using effective field theory with correlations. We studied the effects of exchange coupling, anisotropy, oscillating magnetic fields, and temperature on the dynamic magnetic and thermodynamic properties of the square-octagon lattice. The dynamic magnetisation, order parameters, susceptibility, internal energy, and phase diagram of the system were obtained. These results significantly contribute to our understanding of the dynamic magnetic properties of two-dimensional materials. The ability to manipulate and control magnetic behaviour in two dimensions holds promise for the creation of more efficient and versatile devices.