Pulse laser emitted by a high power semiconductor laser is used as an exciting source to make the temperature rise on the surface of the calibrated thermocouple. The temperature change signals are detected by a fast-response infrared detector and the calibrated thermocouple simultaneously. The frequency response of the infrared detector is better than that of the calibrated thermocouple, the previous measured value is used as a true value to calibrate the latter dynamic calibration system. An ordinary K-type sheathed thermocouple is calibrated dynamically by the system, a temperature-time curve of the infrared detector and calibrated thermocouple is obtained. The thermocouple’s dynamic compensation is modeled with a dynamic compensation filter, the order and parameters of the filter are determined based on the measured digital curves and the model structure is defined. The correctness of the model is examined by cross-validation method. Experimental results show that the dynamic error of the thermocouple is reduced by means of the dynamic compensation model, which brings it closer to the actual value, and the ordinary K-type sheathed thermocouple compensation curve is given.