The reliability of the electronic components inside a guided projectile is highly affected by the launch dynamics of guided projectile. The engraving process plays a crucial role on determining the ballistic performance and projectile stability. This paper analyzes the dynamic response of a guided projectile during the engraving process. By considering the projectile center of gravity moving during the engraving process, a dynamics model is established with the coupling of interior ballistic equations. The results detail the stress situation of a guided projectile band during its engraving process. Meanwhile, the axial dynamic response of projectile in the several milliseconds following the engraving process is also researched. To further explore how the different performance of the engraving band can affect the dynamics of guided projectile, this paper focuses on these two aspects: (a) the effects caused by the different band geometry; and (b) the effects caused by different band materials. The time domain and frequency domain responses show that the dynamics of the projectile are quite sensitive to the engraving band width. A material with a small modulus of elasticity is more stable than one with a high modulus of elasticity.