Dynamic underbalanced pressure creates a significant transient pressure difference between the upper and lower ends of the packer and the inner and outer walls of the string below the packer, which can lead to the failure of the packer, the tubing, and the casing and is one of the main reasons for the low success rate of the perforation-acidizing-testing combined technology in ultra-deep wells. A danger caused by the dynamic underbalanced pressure is increased rapidly with an increase in the well depth. Despite the fact that researchers have a well enough understanding of the applications and benefits of the dynamic underbalanced pressure, the mechanism of the wellbore failure caused by the dynamic underbalanced pressure is inadequate. Therefore, a pressure drop model of tubing-casing annulus fluid is established, and a seepage model of reservoir rock is given. A transient prediction method of the dynamic underbalanced pressure is developed by coupling the pressure drop model and the seepage model. Then, the determining factors, key nodes of the maximum value, and derivation and propagation laws of the dynamic underbalanced pressure are revealed. An influence study focusing on an ultra-deep well is conducted. The obtained results indicated that the dynamic underbalanced pressure describes a fast drop in the annulus fluid pressure caused by the fluid flow among the annulus, the perforating guns, and the perforation tunnels since the pressures in the perforating guns and the perforation tunnels are lower than the annulus pressure after the perforation detonation. The annulus fluid pressure can slowly recover and increase due to the fluid flow between the screens and the annulus and the fluid flow between the reservoir rock and the wellbore. The main form of the wellbore failure caused by the dynamic underbalanced pressure is the casing collapse deformation. Therefore, changing perforating conditions, wellbore conditions, and reservoir rock conditions can increase the maximum for the dynamic underbalanced pressure to improve the success rate of the combined technology. The research presented in this paper can provide a new understanding and prediction method of the dynamic underbalanced pressure.