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How to effectively learn temporal variation of target appearance, to exclude the interference of cluttered background, while maintaining real-time response, is an essential problem of visual object tracking. Recently, Siamese networks have shown great potentials of matching based trackers in achieving balanced accuracy and beyond realtime speed. However, they still have a big gap to classification & updating based trackers in tolerating the temporal changes of objects and imaging conditions. In this paper, we propose dynamic Siamese network, via a fast transformation learning model that enables effective online learning of target appearance variation and background suppression from previous frames. We then present elementwise multi-layer fusion to adaptively integrate the network outputs using multi-level deep features. Unlike state-of-theart trackers, our approach allows the usage of any feasible generally- or particularly-trained features, such as SiamFC and VGG. More importantly, the proposed dynamic Siamese network can be jointly trained as a whole directly on the labeled video sequences, thus can take full advantage of the rich spatial temporal information of moving objects. As a result, our approach achieves state-of-the-art performance on OTB-2013 and VOT-2015 benchmarks, while exhibits superiorly balanced accuracy and real-time response over state-of-the-art competitors.