We study the collective dynamics of the spin-orbit coupled two pseudospin components of a Bose-Einstein condensate trapped in a quasi-one-dimensional harmonic potential, by using variational and directly numerical approach of binary mean-field Gross-Pitaevskii equations. The results show that, because of strong coupling of spin-orbit coupling (SOC), Rabi coupling, and atomic interaction, the collective dynamics of the system behave as complex characters. When the Rabi coupling is absent, the density profiles of the system preserve the Gauss type and the wave packets do harmonic oscillations. The amplitude of the collective oscillations increases with SOC. Furthermore, when the SOC strength increases, the dipole oscillations of the two pseudospin components undergo a transition from in-phase to out-of-phase oscillations. When the Rabi coupling present, there will exist a critical value of SOC strength (which depends on the Rabi coupling and atomic interaction). If the SOC strength is less than this critical value, the density profiles of the system can preserve the Gauss type and the wave packets do anharmonic (the frequency of dipole oscillations depends on SOC) oscillations synchronously (i.e., in-phase oscillations). However, if the SOC strength is larger than this critical value, the wave packets are dynamically fragmented and the stable dipole oscillations of the system can not exist. The collective dynamics of the system can be controlled by adjusting the atomic interaction, SOC, and Rabi-coupling strength.