In this paper, a new improved regularization method is proposed to identify dynamic loads in practical engineering problems. Dynamic loads are expressed as the functions of time and the forward model for dynamic load identification is established through the discretized convolution integral of loads and the corresponding unit-pulse response functions of system. With measured responses containing noises, a regularization operator is proposed to construct a novel regularization method, and its regular property is proved. The improved regularization operator and L-curve method are combined to overcome the ill-condition of load reconstruction and to obtain the stable and approximate solutions of inverse problems. The theory is successfully applied to a mathematical problem and a vehicle hood problem in numerical simulations, which demonstrates the efficiency and robustness of the presented method.