Dynamic modeling method for parallel indexing cam mechanism was presented based on rigid-flexible coupled modeling according to the analysis of mechanism feature. Dynamic simulation has been done with the dynamic model established by means of Adams. Dynamic characteristics of different transmission functions commonly used in practical engineering were analyzed in detail from the perspective combined kinematics and dynamics. The application principle of transmission functions was presented based on dynamic simulation and analysis results. That is Modified Cosine transmission function being suitable for applying in low speed or low precision transmission cases, Complex or Gutman’s transmission function being suitable for applying in high speed, heavy load or precision transmission cases. Complex transmission is the best one for design of high-speed indexing cam mechanism.