This study introduced dynamic multistage testing (dy-MST) as an improvement to existing adaptive testing methods. dy-MST combines the advantages of computerized adaptive testing (CAT) and computerized adaptive multistage testing (ca-MST) to create a highly efficient and regulated adaptive testing method. In the test construction phase, multistage panels are assembled using similar design principles and assembly techniques with ca-MST. In the administration phase, items are adaptively administered from a dynamic interim pool. A large-scale simulation study was conducted to evaluate the merits of dy-MST, and it found that dy-MST significantly reduced test length while maintaining the identical classification accuracy with the full-length tests and meeting all content requirements effectively. Psychometrically, the testing efficiency in dy-MST was comparable to CAT. Operationally, dy-MST allows for holistic pre-administration management of test content directly at the test level. Thus, dy-MST is deemed appropriate for delivering adaptive tests with high efficiency and well-controlled content.