Steel cord conveyor belts are widely used in long-distance transportation of various materials. The steel cord belt is composed of rubber and steel cord core, exhibiting excellent viscoelasticity and complex dynamic characteristics during operation. The existing static elastic modulus cannot accurately reflect the real dynamic properties of the conveyor belt. In this paper, based on the catenary theory, the formula for the dynamic elastic modulus of the conveyor belt is derived by introducing the sag and elastic deformation of the steel cord conveyor belt on the basis of the static elastic modulus. The dynamic modeling of the steel cord conveyor belt is carried out using rigid belt block element + flexible beam method. Then, the RecurDyn software is used to establish the dynamic simulation system of the belt conveyor and conduct simulations, which are validated through a test bench. The results show that dynamics simulation based on the dynamic elastic modulus is closer to the real dynamic characteristics of the belt conveyor. Finally, the dynamic characteristics of belt conveyors under different start-up times, different start-up speeds, and idler spacing are analyzed using this modeling and simulation method. The results demonstrate that the dynamic elastic modulus can accurately reflect the real dynamic properties of the conveyor belt, providing a more accurate dynamic modeling and simulation method for the design of belt conveyors.