The dynamic performance of Proton Exchange Membrane Fuel Cell (PEMFC) is crucial for safe and efficient operation and remains a major barrier to commercialization. In this paper the dynamic response characteristics of PEMFC under serpentine flow field (SFF) and parallel flow field (PFF) are discussed. The effects of current loading, operating pressures, anode and cathode stoichiometric ratios, as well as operating temperatures on the dynamic response characteristics of PEMFC are systematically studied through experimental methods. Furthermore, the principle and mitigation strategies for voltage undershoot are investigated. It shows that lower current density, higher back pressure and higher temperature are benefit to alleviate voltage undershoot. Compared with the SFF, the Second-stage time delay of PFF is shortened by 9.2 s, the VU is decreased by 17.27 mV, and the energy loss is reduced by 0.71%. Moreover, Pearson correlation coefficient is proposed to evaluate the correlation between index and PEMFC performance.