In order to estimate the dynamic characteristics of the thermocouples and fulfill the matching requirement of dynamic characteristics estimation with the gas medium, the dynamic characterization research of the thermocouples with the gas medium was studied. Based on the improvement of structure and function of traditional shock tube, dynamic calibration equipment for the gas temperature was designed, the traceability method of standard signal of dynamic temperature calibration was analyzed, the dynamic model of thermocouple was established, and precise description and experimental verification was realized. The result of dynamic calibration experiment showed that the dynamic calibration equipment for the gas temperature based on traditional shock tube transformation could generate standard temperature signal featuring wide frequency coverage and steady step amplitude. The dynamic calibration requirement of the conventional thermocouples can basically be fulfilled by the generated standard temperature signal; the thermocouple dynamic model and the order can be estimated very accurately with the adopted dynamic modelling method. With the verified results of the experiment, the correlation coefficient between the response signal of the established thermocouple dynamic model and the testing response signal could achieve 0.996 7, which can generally satisfy the requirement of dynamic characterization estimation of thermocouple in the engineering applications.