The invention provides a dynamic token and an implementation method of the dynamic token, and a dynamic password authentication method and system. The dynamic token comprises a dynamic password unit and a storage unit, wherein the dynamic token unit is used for generating a first dynamic password according to a first token algorithm and a secret key corresponding to the dynamic token, the first token algorithm correspondingly generates a first secret key according to the serial number of the dynamic token, the storage unit is used for storing the first token algorithm and the serial number. According to the dynamic token and the implementation method of the dynamic token, and the dynamic password authentication method and system, because different token algorithms are assigned to all the dynamic tokens, the serial number of each token is unique, complexity of the dynamic passwords generated by the dynamic tokens is greatly improved, an illegal user cannot easily crack the token algorithm even after the illegal user steals the secret key, the dynamic token with improved safety and the dynamic password authentication method and system using the dynamic token are provided, safety of the system with dynamic password authentication is improved, potential safety hazards are avoided, and better user experience is brought to users.