Fixed Mobile Convergence (FMC) provides a solution of the converged access network for wired and wireless network. PON and WiMAX are the typical representatives in fiber access network and broadband wireless access network, of which the convergence has great research value. The converged network of PON and WiMAX has the advantage of high-bandwidth, which can provide various kinds of broadband access services and has features of low cost and simple and flexible. There are a variety of system forms for PON technology, one of them with unique advantages is WDM-PON system. In WDM-PON systems, each service has exclusive transmission bandwidth, which makes the converged network of WDM-PON and WiMAX has much more advantages than any other PON network. This paper proposes a converged network model of WDM-PON and WiMAX, and focuses on the analysis of dynamic bandwidth allocation algorithm applicable to the converged network model; then does some simulation of this dynamic bandwidth allocation algorithm, proves that the algorithm has a good delay effect in overload conditions, and analyses the bandwidth rate taken by traffic flow of different service levels under different network load situations.